The Infrastructure Concession Regulatory Commission (ICRC) has confirmed that construction of the $3.5 billion Bakassi Deep Seaport is set to begin in the near future, signalling a significant advancement for Nigeria’s maritime and economic infrastructure.
Dr. Jobson Ewalefoh, Director-General of the ICRC, made this announcement at a high-level stakeholders’ meeting, where a formal statement of endorsement for the project was signed.
The project, spearheaded under the administration of Governor Bassey Otu of Cross River State, is positioned as a transformative initiative that aims to enhance Nigeria’s port capacity and stimulate regional development.
The Bakassi Deep Seaport, a major public-private partnership (PPP) project, has secured financing from the African Export-Import Bank (Afreximbank), a development that shows the growing confidence of international financial institutions in Nigeria’s economic prospects. According to Dr. Ewalefoh, the state government has shown a clear commitment to advancing the project, supported by newly streamlined processes within the ICRC aimed at expediting PPP projects without compromising standards.
What he said
“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.”
Ewalefoh also stated that “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,” he concluded
What to know
The project represents a key part of the broader agenda to diversify Nigeria’s economic infrastructure, particularly in the maritime sector, and reduce the country’s reliance on existing Western ports.
Once operational, the Bakassi Deep Seaport is expected to alleviate congestion in Lagos and other major ports, providing critical relief to the Eastern regions of Nigeria. It is also poised to serve as an Agro-Value-Chain port, tapping into the growing potential of Nigeria’s agricultural sector, not only within the South-South region but extending to the North and neighbouring African countries.
Governor Bassey Otu’s administration has shown notable zeal in pushing the project forward, and Ewalefoh likened Otu’s role to that of an athlete in the final lap of a relay, expressing confidence that the governor’s efforts would bring the project to fruition.
“You have the resources and the team to ensure the timely delivery of this critical infrastructure,” said Ewalefoh. “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 port’s strategic significance cannot be understated. It is expected to diversify port traffic away from the Western corridors, positioning Bakassi as a hub for international trade routes. Furthermore, the Bakassi Deep Seaport will play a pivotal role in boosting Nigeria’s export capabilities, particularly in agricultural products, enhancing the country’s ability to exploit its vast agricultural potential.
The meeting, which saw the endorsement of key stakeholders including the Nigerian Ports Authority (NPA) and the Nigerian Shippers Council, is the culmination of months of intense negotiations and planning.Afreximbank’s involvement highlights the growing confidence of international financiers in the country’s infrastructure initiatives, a sentiment Ewalefoh emphasised, noting that Nigeria remains a top destination for investment despite global economic uncertainties.
