The Federal Government has announced it has agreed to a 30-year concession for the Onitsha River Port, adding that the move will generate N50 billion and create jobs.
This was disclosed in a statement by Infrastructure Concession Regulatory Commission (ICRC) after the Federal Executive Council (FEC) approved the decision, according to NAN.
The ICRC also added that the concession was approved under a Rehabilitate-Operate and Transfer (ROT) arrangement.
What they are saying about Onitsha River Port
A statement issued on Thursday in Abuja by the Head, Media and Publicity, Manji Yarling said the port will serve as an alternative source of transporting goods to the South East from Lagos, Port Harcourt and other areas with adequate water connectivity, citing that it is one of Nigeria’s four river ports including Lokoja, Kogi State; Baro in Niger State and Oguta in Imo State.
She said, “The Onitsha River Port was officially opened over three decades ago but has been neglected and not being optimally utilised.
“This concession is part of the bigger Federal Government’s plan to concession the remaining river ports and enhance inland waterways transportation in the country.
“The 30-year concession is expected to generate over N50 billion to the Federal Government and create thousands of direct and indirect jobs.
“(It will) facilitate more efficient trade within the country through cheaper, easier and cleaner method of transporting goods and services.
“It is equipped to deal with general cargo such as containers, bulk cargo and other packaged freight.”
What you should know
Recall Nairametrics reported last year that the Federal Government issued operating licences to about 8 barge operators to move containers from Lagos Ports to Onitsha River Port and other inland ports through the country’s inland waterways, adding it would likely generate as much as N30 billion annually from that operation if well managed.
I have been praying for a day like this, when the onitsh port will start work again… I’m sure Mazi Nnamdi Kanu the leader of the indigenous people of Biafra (IPOB) will be happy to hear this too 🤗 with this we are good to go 🔝….
The N50 billion naira the FG is demanding in return within the space of 30 years will be cleared up in 5 years or less, I believe Igbo’s to the cure when it comes to generate wealth from business hehe 😜
It’s a very welcome development. I hope it is not politicized. We have long heard of this plan, I hope it works this time.