The Infrastructure Concession Regulatory Commission (ICRC) has stated that the Federal Government is expected to generate the sum of N5 billion from the planned Fisheries Coastal Terminal Concession project.
This was disclosed in a statement by Manji Yarling, Acting Head, Media and Publicity of the ICRC on Friday, according to the News Agency of Nigeria.
She added that the FEC has approved the rehabilitation of the Federal Fisheries Coastal Terminal, at Ebughu Mbo Local Government Area of Akwa Ibom State and is expected to operate and maintain a Public Private Partnership (PPP) model.
What they are saying about the project
The ICRC stated that the project is expected to create jobs and boost foreign exchange earnings, as Nigeria looks to boost its exportation of fish and ensure rehabilitation and upgrading of the terminal and operations of fishing trawlers.
This comes after the Federal Executive Council (FEC) approved the rehabilitation of the Federal Fisheries Coastal Terminal, at Ebughu Mbo Local Government Area of Akwa Ibom State,
“The brownfield project is to be carried out using the Finance, Rehabilitate, Operate, and Maintain Public Private Partnership (PPP) model with Messrs Alfin Fisheries Limited as the concessionaire.
“The move is part of efforts by the administration of President Muhammadu Buhari to economic diversification, food security, foreign exchange earnings, among other benefits”, Yarling said.
She also stated that the concession will develop and upgrade the terminal facilities to world-class standard, and is expected to span an 11-year period, with upgrades expected to be completed in the first year. Terminals are to also include onshore services to fishing vessels, underwater vessels and also repair and maintenance facilities, dry dock fishing/landing, processing and storage
“The project is part of moves by the Federal Government to reform the fisheries industry into an engine of economic growth.
“This is because it is expected to create more jobs around the value chain and empower the youths within the host community in Akwa Ibom State,” she added.