Construction of $3.5bn Bakassi Deep Seaport Set to Begin, ICRC Confirms

The long-awaited construction of the $3.5 billion Bakassi Deep Seaport is set to commence shortly, marking a significant stride forward for Nigeria’s maritime and economic infrastructure. This was confirmed by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, during a high-level stakeholders’ meeting, as announced in a statement issued on Monday by the acting Head of Media and Publicity, Ifeanyi Nwoko.

Ewalefoh highlighted the progress made in preparation for the port’s construction, stressing that the project is on track to be completed within a record timeframe. He attributed this assurance to four key factors: the Cross River State Government’s unwavering commitment to the project, the ICRC’s streamlined public-private partnership (PPP) processes, the securing of financing from the African Export-Import Bank (AfreximBank), and the broad support from other key stakeholders.

“We have made our PPP processes more efficient without compromising standards,” Ewalefoh remarked. “With the backing of the Ministry of Marine and Blue Economy, Nigerian Ports Authority, Nigerian Shippers Council, and other stakeholders, I am confident that under the tenure of the current Cross River State Governor, we will not only break ground but see the project through to completion.”

Ewalefoh praised the state government’s role in advancing the project, likening the governor to a relay runner bringing the project across the finish line. He further emphasised the transformative potential of the Bakassi Deep Seaport for the region, stating, “This port will play a vital role in easing traffic at the western ports and serve as a gateway for trade and agricultural exports, not only from the South-South and northern parts of Nigeria but across Africa.”

The Bakassi Deep Seaport, designed as an agro-value-chain port, is expected to stimulate significant growth in Nigeria’s agricultural sector. It aims to provide a much-needed alternative to the country’s overstretched western ports, while also offering a crucial trade link for the eastern region.

Ewalefoh expressed gratitude to AfreximBank for its confidence in the project and reassured investors that Nigeria remains a prime destination for investment opportunities. He underlined the government’s commitment to ensuring the project’s success and its wider impact on Nigeria’s economy.

At the conclusion of the meeting, all key stakeholders, including the ICRC, Cross River State Government, Nigerian Ports Authority, and Nigerian Shippers Council, signed a statement of endorsement, further cementing their commitment to the project.