The dream of constructing the Bakassi deep Seaport may not be a mirage afterall, as the Infrastructure Concession Regulatory Commission (ICRC) has confirmed that construction of the $3.5 billion Bakassi Deep Seaport is set to begin soon.
It would be recalled that the conceptualisation of the project came to the fore during the administration of Prof Ben Ayade, the Immediate past Governor of Cross River State.
Director-General of the ICRC, Dr. Jobson Ewalefoh,
gave the green light at a stakeholders’ meeting, where a formal statement of endorsement for the project was signed.
The project, is positioned as a transformative initiative that aims to enhance Nigeria’s port capacity and stimulate regional development.
The Bakassi Deep Seaport, a major public-private partnership (PPP) project, has secured financing from the African Export-Import Bank (Afreximbank), a development that shows the growing confidence of international financial institutions in Nigeria’s economic prospects.
According to Dr. Ewalefoh, the state government has shown a clear commitment to advancing the project, supported by newly streamlined processes within the ICRC aimed at expediting PPP projects without compromising standards.
“Our focus has been on making the process more efficient while maintaining rigorous benchmarks. With the commitment we’ve seen from Governor Otu and the support of key stakeholders such as the Ministry of Marine and Blue Economy, the Nigerian Shippers’ Council, and other involved parties, we are confident that the Bakassi Deep Seaport will be completed within record time”, the DG said.
He added “The Bakassi Deep Seaport will not only serve the people of Cross River but will stand as a key asset for the entire country, reinforcing Nigeria’s position as a gateway to regional trade and economic growth”.
The meeting, which saw the endorsement of key stakeholders including the Nigerian Ports Authority (NPA) and the Nigerian Shippers Council (NSC), is the culmination of months of intense negotiations and planning.Afreximbank’s involvement highlights the growing confidence of international financiers in the country’s infrastructure initiatives.
