Lagos, Nigeria – September 24, 2024 – The Infrastructure Concession Regulatory Commission (ICRC) has announced that construction of the highly anticipated $3.5 billion Bakassi Deep Seaport is set to commence shortly, marking a significant advancement for Nigeria’s maritime and economic infrastructure.
Dr. Jobson Ewalefoh, the Director-General of the ICRC, made this announcement during a high-level stakeholders’ meeting, as detailed in a statement issued on Monday by the acting Head of Media and Publicity, Ifeanyi Nwoko.
Ewalefoh emphasized that the project is expected to be completed in record time, based on four key factors: the strong commitment from the Cross River State Government, the newly streamlined ICRC public-private partnership (PPP) processes, the securing of financing from the African Export-Import Bank, and the collaborative support from all stakeholders involved.
“This project is being executed as a public-private partnership, and we have streamlined our PPP processes to ensure efficiency without compromising standards,” Ewalefoh stated. “With the support of the Ministry of Marine and Blue Economy, the Nigerian Ports Authority, and the Nigerian Shippers Council, I can confidently announce that we will conduct the groundbreaking during your tenure as Governor of Cross River State.”
The ICRC’s Director-General praised the state government for its readiness to carry the baton in this significant venture. “You have demonstrated that you possess the capabilities needed for this project, similar to how President Bola Tinubu has instilled confidence in investors to bring their funds to Nigeria,” he added.
Ewalefoh assured stakeholders that the Bakassi Deep Seaport will become a reality, enhancing traffic distribution from western ports and providing vital support to Nigeria’s eastern regions. The port, described as an agro-value-chain facility, aims to leverage the agricultural potential of the South-South region, the North, and the broader African continent.
In closing, he expressed gratitude to AfreximBank for its trust in Cross River State and Nigeria as an investment destination. The meeting culminated in the signing of a statement of endorsement by all key stakeholders, including the ICRC, the Cross River State Government, and the Nigerian Ports Authority, signaling a unified commitment to the successful execution of the Bakassi Deep Seaport project.
