Yemisi Izuora
Nigeria’s Maritime development is taking shape with the commencement of construction on the $3.5 billion Bakassi Deep Seaport.
The project is set to begin soon, signaling a significant advancement for Nigeria’s maritime and economic infrastructure.
The Director General (DG) of the Infrastructure Concession Regulatory Commission (ICRC) Dr. Jobson Ewalefoh, Director-General of the ICRC, recently confirmed the project take off 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. It is also expected to stimulate regional development in Cross River and Nigeria.
The Bakassi Deep Seaport, a major Public-Private Partnership (PPP) project, has secured financing from the African Export-Import Bank (Afreximbank).
This development 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.
These specific processes aim to expedite PPP projects without compromising standards.