President Bola Tinubu has flagged off the construction of the Bakassi Deep Seaport in Cross River State, describing the multibillion-dollar project as a strategic national investment that will expand maritime trade, attract industrial investment and create jobs.
Represented by Vice-President Kashim Shettima, Tinubu spoke on Friday at the groundbreaking ceremony in Ikang, Bakassi Local Government Area, where he said the port would open new commercial corridors, ease pressure on existing ports and strengthen Nigeria’s position in regional and international trade.
The President said the project, conceived in 2014, would help Nigeria capture a greater share of cargo traffic currently handled by neighbouring countries, while complementing existing maritime infrastructure, particularly in Lagos.
Designed with a 20-metre draft to accommodate large vessels, the proposed port will be connected to a 260-kilometre superhighway to facilitate the movement 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 stressed that the Bakassi port was intended to complement, not compete with, Lagos, which he said 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 harness its strategic coastline along the Gulf of Guinea, leaving neighbouring countries to benefit from cargo traffic that could otherwise pass through Nigerian ports.
He noted that although about 90 per cent of global cargo is transported by sea, Nigeria continues to handle only a fraction of regional maritime trade despite its economic size.
According to him, the Bakassi Deep Seaport will diversify the country’s maritime gateways, improve access to international markets and boost its competitiveness in global commerce.
Tracing the project’s history, the President said it was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015, before gaining fresh momentum under Cross River State Governor, Bassey Otu.
He commended Otu’s efforts in advancing the project, including the pursuit of a $3.5bn financing arrangement with the African Export-Import Bank and the formalisation of its Public-Private Partnership framework in February 2025.
Acknowledging the economic and territorial setbacks suffered by Cross River State following the Bakassi Peninsula ruling and the loss of oil revenue, Tinubu urged residents to protect the project from political interference.
“The peninsula was not the end of your story, but the beginning of your next chapter,” he said.
In his remarks, the Minister of Marine and Blue Economy, Adegboyega Oyetola, described the Bakassi Deep Seaport as a major step towards translating Nigeria’s maritime resources into investment, employment and sustainable economic growth.
He disclosed that revenue generated by agencies under the ministry rose from ₦700.79bn in 2023 to a record ₦1.83tn in 2025, attributing the increase to improved revenue assurance and measures to eliminate longstanding leakages.
Oyetola also highlighted key achievements in the sector, including the elimination of piracy in Nigerian waters, approval for the modernisation of six legacy seaports, stronger port governance and Nigeria’s election to the decision-making Council of the International Maritime Organisation after almost two decades.
Other milestones, he said, included the lifting of United States Coast Guard restrictions on vessels arriving from Nigeria in August 2026, approval for the disbursement of the Cabotage Vessel Financing Fund to Nigerian shipowners and an increase in national fish production from 1.1 million to 1.4 million metric tonnes.
The minister said the Bakassi port, particularly when integrated with the Lagos-Calabar Coastal Highway, would improve access to markets, stimulate industrialisation and expand economic opportunities across Cross River State, the South-South region and the wider Nigerian economy.
He reaffirmed the ministry’s commitment to working with the Cross River State Government and other stakeholders to ensure the successful delivery of a modern, efficient and environmentally sustainable seaport.
Governor Otu described the groundbreaking as a historic milestone for Cross River State, crediting the Federal Government’s support under Tinubu with reviving a project that had endured years of political, administrative, legal and environmental challenges.
He said the state had completed key preparatory activities, including an Environmental Impact Assessment, hydrographic, geotechnical and geophysical surveys, and secured the necessary federal approvals.
Otu disclosed that the project would be delivered through a Public-Private Partnership arrangement, with an initial funding approval of $2.27bn.
He said the port would unlock opportunities across logistics, shipping, fishing, tourism, trade and shipbuilding, positioning Cross River as a major maritime hub in the Gulf of Guinea.
The governor also revealed that surveys conducted for the project exposed inaccuracies in the 1903 navigational charts, prompting the Federal Government to replace them on 1 October 2026. He said the development affirmed Cross River’s littoral status.
To ensure local participation and skills development, Otu said selected indigenes were undergoing specialised training for construction and operational roles, with provisions for knowledge transfer.
He added that the state’s proposed economic corridor, linking its airport, the deep seaport and the Lagos-Calabar Coastal Highway, would improve cargo movement, strengthen connectivity and attract investment.
Otu invited investors in maritime and related industries to explore opportunities in the state, citing its one-stop investment hub and available tax incentives.
