Tinubu, represented by Vice-President Kashim Shettima, spoke on Friday at the groundbreaking ceremony in Bakassi, where he said the port would open new commercial corridors and strengthen Nigeria’s position in regional and international trade.
The President said the project, first conceived in 2014, would help ease congestion at existing ports, particularly in Lagos, while enabling Nigeria to retain more cargo currently handled by neighbouring countries.
He explained that the proposed facility, designed with a 20-metre draft to accommodate large vessels, would be linked to a 260-kilometre superhighway to facilitate the transportation of goods to markets across the country.
“This is beyond a Cross River dream. It is a Nigerian project. It is a poverty breaker,” Tinubu said.
He maintained that the Bakassi port would complement rather than compete with Lagos, which, according to him, handles more than 80 per cent of Nigeria’s foreign trade.
“Lagos is not our enemy. Lagos is our elder brother in trade. No country eats with one hand. No country carries all its loads on one shoulder. That shoulder will break,” he said.
“When Calabar works, Nigeria works on two legs.”
Tinubu lamented that Nigeria had yet to fully exploit its coastline along the Gulf of Guinea, while neighbouring countries continued to benefit from cargo that could otherwise pass through Nigerian ports.
He noted that although about 90 per cent of global cargo is transported by sea, Nigeria handles only a fraction of regional maritime trade despite its economic size.
According to him, the Bakassi Deep Seaport would diversify the country’s maritime gateways, improve access to international markets and enhance Nigeria’s competitiveness in regional commerce.
The President recalled that the project was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015, before receiving renewed attention under the administration of Cross River State Governor, Bassey Otu.
He also acknowledged Otu’s efforts in advancing the project, including initiatives towards securing a $3.5bn financing arrangement with the African Export-Import Bank and formalising its Public-Private Partnership framework in February 2025.
Reflecting on Cross River State’s territorial and economic losses following the Bakassi Peninsula ruling and the subsequent loss of oil revenue, Tinubu urged residents to protect the project from political interference, stressing the importance of sustaining its implementation for the benefit of future generations.
