Govt restates commitment to $3.5bn Bakassi Deep Seaport

The Federal Government has restated its support for the $3.5 billion Bakassi Deep Seaport Integrated Project, stating that the project is a major infrastructural initiative aimed at transforming Nigeria’s maritime sector and boosting the nation’s economy.

The minister said this during a stakeholders’ engagement organised by the Cross River State Government in Calabar, Cross River State, according to a statement issued by his aide, Ismail Omipidan.

Oyetola, who was represented by the Permanent Secretary of the Ministry, Mr Olufemi Oloruntola, emphasised the strategic importance of the project, which he noted was poised to be Nigeria’s first agro-value chain-based deep seaport.

He explained that the project, which included a 217-kilometre superhighway serving as the evacuation corridor to northern Nigeria, was expected to facilitate the export of key agricultural products, such as rubber, timber, cocoa, palm oil, and livestock.

The minister said that would enhance Nigeria’s competitive edge in the global market while significantly boosting 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,” Oyetola stated.

The former governor of Osun State praised the Cross River State Government’s adoption of the Public-Private Partnership model.

He noted that the model was a sustainable approach to funding, managing, and enhancing maritime infrastructure.

Oyetola noted that the model would ensure the port’s competitiveness and attractiveness to local and international stakeholders from the onset.

He explained that the establishment of the ministry was a strategic move to tap into the vast opportunities within Nigeria’s maritime sector and to 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 all stakeholders to seize the opportunities presented by the project and to continue supporting the growth of Nigeria’s maritime sector.

“As Nigeria continues to modernise its ports and deliver new ones, the Bakassi Deep Seaport stands out as a pivotal project that could position the nation as a leading maritime power.

“The Federal Government’s endorsement is a clear signal of its commitment to the success of this ambitious initiative, which is expected to drive the nation towards greater prosperity.

“The government and people of Cross River State have been commended for their vision and determination to see this project through. The Federal Ministry of Marine and Blue Economy stands ready to support the successful realisation of the Bakassi Deep Seaport, a project that promises to be a game-changer for Nigeria’s maritime future,” he stated.