Cross River State Prepares for Major Economic Transformation
Nigeria’s Infrastructure Concession Regulatory Commission (ICRC) has confirmed that construction of the $3.5 billion Bakassi Deep Seaport will commence soon. The project hailed as a game-changer for Nigeria’s economic infrastructure, marks a pivotal step toward expanding the nation’s port capacity and alleviating congestion at existing ports, especially in Lagos.
Dr. Jobson Ewalefoh, the Director-General of the ICRC, announced during a high-level stakeholders’ meeting. This meeting formally endorsed the project, solidifying the commitment from key players within Nigeria’s public and private sectors. Speaking on the initiative, Dr. Ewalefoh emphasized the government’s renewed focus on fast-tracking public-private partnership (PPP) projects without sacrificing quality standards.
“The Bakassi Deep Seaport is not just a project for Cross River; it is an asset for the entire country,” said Ewalefoh. “It will play a crucial role in positioning Nigeria as a hub for regional trade, particularly with its strategic location that offers easier access to international shipping routes.”
The Bakassi Deep Seaport, financed by the African Export-Import Bank (Afreximbank), represents a growing wave of international confidence in Nigeria’s infrastructure potential. With the Cross River State government, under Governor Bassey Otu, taking the lead, the project is poised to stimulate economic growth, create jobs, and support Nigeria’s agricultural export ambitions. Governor Otu has been instrumental in pushing the project forward, drawing parallels to a final relay athlete ensuring that the job is completed on time.
Once operational, the deep seaport is expected to significantly reduce port congestion in Lagos while opening up new trade corridors across Nigeria and neighboring countries. The seaport will also serve as an Agro-Value-Chain port, providing much-needed infrastructure to support the growth of Nigeria’s agricultural sector. This focus on agriculture positions the Bakassi Deep Seaport as a critical node for transporting goods from Nigeria’s South-South region and beyond.
“Our focus has been on efficiency, and Governor Otu’s administration has been instrumental in creating an enabling environment,” Ewalefoh continued. “We are confident the Bakassi Deep Seaport will meet the highest benchmarks while being delivered on time.” Ewalefoh’s statement underscores the commitment to ensuring that this transformative infrastructure project is not only completed swiftly but that it serves as a beacon of Nigeria’s economic resurgence.
The strategic importance of the Bakassi Deep Seaport cannot be overstated. Beyond alleviating pressure on Nigeria’s overburdened Western ports, it will diversify port traffic, positioning Bakassi as a gateway for international trade. This new port will play a key role in boosting Nigeria’s export capacity, particularly in agricultural products, where there is immense untapped potential across the country.
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With the Nigerian Shippers’ Council, the Nigerian Ports Authority, and other critical stakeholders endorsing the project, the Bakassi Deep Seaport stands at the cusp of delivering widespread economic benefits. The financing from Afreximbank further solidifies global confidence in Nigeria’s potential to develop world-class infrastructure despite global economic challenges.
