The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, has announced that the construction of the $3.5 billion Bakassi Deep Seaport will soon commence. This was revealed in a statement released by Ifeanyi Nwoko, the ICRC’s Acting Head of Media and Publicity, on Monday in Abuja.
Speaking at a stakeholders’ meeting where a statement of endorsement for the project was signed, Dr. Ewalefoh expressed confidence that the seaport would be completed on schedule. He attributed this optimism to four key factors: the Cross River State Government’s strong commitment, newly streamlined Public-Private Partnership (PPP) processes, secured financing, and support from all stakeholders.
The financing for the Bakassi Deep Seaport, estimated at $3.5 billion, has been secured from the African Export-Import Bank (Afreximbank). The project will be executed as a PPP, and the ICRC has enhanced its PPP processes to ensure faster delivery while maintaining high standards.
“We are not compromising standards, we are only making the process more efficient, which I have prioritized since becoming the Director-General,” Ewalefoh said.
He assured the Cross River State Governor that the seaport would be completed during his tenure, with backing from the Ministry of Marine and Blue Economy, the Shippers Council, and other stakeholders.
“You have shown that you have what it takes to deliver this project. Just as President Tinubu has given investors confidence in Nigeria, you will ensure the success of this seaport project. Though you inherited this initiative, you are running the final lap and will bring it to completion,” Ewalefoh remarked.
He emphasized the strategic importance of the Bakassi Deep Seaport in reducing congestion at Nigeria’s Western Ports and providing significant relief to the Eastern region. The seaport is also envisioned to become a major Agro-Value-Chain hub, boosting Nigeria’s agricultural sector and serving markets across South-South Nigeria, the North, and wider Africa.
The highlight of the stakeholders’ meeting was the signing of the project’s endorsement statement by key stakeholders, including the ICRC and the Cross River State Government, signaling their collective commitment to the success of the Bakassi Deep Seaport.
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