The Federal Government has endorsed the Bakassi Deep Seaport Integrated Project.
The project is an infrastructural initiative foe transforming Nigeria’s maritime sector and boosting the economy.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the endorsement at a stakeholders’ engagement organised by the Cross River State government in Calabar, the state capital.
In a statement by his spokesman, Ismail Omipidan, the minister said the project has the potential to be Nigeria’s first agro-value chain-based deep seaport.
Oyetola, who was represented by the ministry’s Permanent Secretary, Mr. Olufemi Oloruntola, emphasised the strategic importance of the deep seaport.
According to him, the project includes a 217-kilometre superhighway, which will serve as the evacuation corridor to the North.
The seaport is expected to also facilitate the export of key agricultural products, such as rubber, timber, cocoa, palm oil, and livestock.
Oyetola said export activities at the seaport would enhance Nigeria’s competitive edge in the global market and boost foreign exchange earnings.
“The Bakassi Deep Seaport is not just an infrastructure project; it is a symbol of our commitment to sustainable practices and economic diversification”, he said.
The minister lauded the Cross River government’s adoption of the Public-Private Partnership (PPP) model, which he described as a sustainable approach to funding, managing, and enhancing maritime infrastructure.
Oyetola said: “This model would ensure the port’s competitiveness and attractiveness to both local and international stakeholders from the onset”.
The minister also highlighted the alignment of the project with the Federal Government’s Renewed Hope Agenda under President Bola Ahmed Tinubu’s administration.
He described the establishment of the Federal Ministry of Marine and Blue Economy as a strategic move to tap into the vast opportunities within Nigeria’s maritime sector and support indigenous businesses in bridging infrastructural gaps.
Oyetola expressed confidence that the Bakassi Deep Seaport would contribute significantly to Nigeria’s socio-economic development through job creation, trade facilitation, and increased revenue generation.
He urged stakeholders to seize the opportunities presented by the project and continue supporting the growth of Nigeria’s maritime sector.
