The Infrastructure Concession Regulatory Commission (ICRC) has confirmed that construction of the $3.5 billion Bakassi Deep Seaport will soon commence, marking a major milestone for Nigeria’s maritime and economic infrastructure.
This announcement, made by Dr. Jobson Ewalefoh, Director-General of the ICRC, came during a high-level stakeholders’ meeting where a formal endorsement of the project was signed.
This development represents a major win for the country’s economic strategy, particularly for enhancing port capacity along Nigeria’s often-neglected eastern corridor.
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Dr. Ewalefoh, one of the project’s key facilitators, lauded the progress made and emphasized the importance of the port in advancing Nigeria’s maritime infrastructure. He underscored the commitment of Cross River State’s Governor, Bassey Otu’s administration, and the support from the Nigerian Ports Authority (NPA) and the Nigerian Shippers’ Council in making the project a reality.
“Our focus has been on making the process more efficient while maintaining rigorous benchmarks,” Ewalefoh said. “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 seaport is also being championed as a solution to the perennial congestion plaguing Lagos ports. Once completed, the Bakassi Deep Seaport is expected to not only serve Cross River State but the entire nation, positioning itself as a key asset for international trade, especially within West Africa.
“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,” Ewalefoh added.
The project, a public-private partnership (PPP) initiative, comes amid increased calls for Nigeria to develop alternative seaports, particularly in the South-South and Southeastern regions, which handle a fraction of the nation’s shipping traffic. The Bakassi Deep Seaport is positioned to change that dynamic by opening up new trade routes and alleviating the pressure on Nigeria’s major ports, which have long struggled with congestion and inefficiency.
The Nigerian port activities are largely dependent on the Lagos port system, which handles the bulk of the country’s imports and exports.
The announcement of Afreximbank’s involvement is viewed as a vote of confidence in Nigeria’s infrastructure push, particularly for a project that promises to transform trade logistics along West Africa’s seaboard.
The eastern corridor, including states like Cross River and Rivers, has long been overlooked in terms of major port infrastructure investment. However, with projects like Bakassi, there are expectations that the region can become a critical hub for maritime trade, particularly for agricultural exports and industrial goods.
The Bakassi Deep Seaport is expected to open up vital export opportunities for Nigeria’s agricultural produce, particularly for products coming from the North and other parts of the country, with the potential to extend its reach to neighboring African countries. This development will likely strengthen Nigeria’s agricultural export value chain, boosting revenue for the government and providing critical support for local farmers.
Ewalefoh noted Otu’s role in pushing the project forward, likening him to an athlete in the final lap of a relay. He expressed confidence that the governor’s leadership would see the project through to successful completion.
“You have the resources and the team to ensure the timely delivery of this critical infrastructure,” Ewalefoh stated, acknowledging the state’s focus on creating an enabling environment for the project’s success.
He further highlighted that this aligns with President Bola Tinubu’s broader push for international investments in Nigeria, noting that “just as President Tinubu has encouraged international investors to bring their capital to Nigeria, your administration is creating an enabling environment for this landmark project.”
The meeting that led to the endorsement of the Bakassi project by key stakeholders, including the Nigerian Ports Authority and the Nigerian Shippers’ Council, is the culmination of months of intense negotiations and planning. With Afreximbank on board, stakeholders are optimistic that the Bakassi Deep Seaport will soon become a reality, transforming Nigeria’s maritime economy and solidifying its status as a leading player in West African trade.