ICRC: Construction of $3.5bn Bakassi deep seaport will commence soon

By Abubakar Yunusa

The Infrastructure Concession Regulatory Commission (ICRC) says the construction of the $3.5 billion Bakassi deep seaport will commence soon.
Jobson Ewalefoh, director-general of ICRC, spoke on Monday at a high-level stakeholders’ meeting where a statement of endorsement for the port project was signed.
On May 15, Bassey Otu, governor of Cross River state, said a $3.5 billion loan has been secured from the African Export-Import Bank (Afreximbank) for the project.
According to Ewalefoh, the construction will be executed as a public-private partnership (PPP) project.
He also said the project will be completed in record time.
Ewalefoh said his assurance was premised on four factors, which include Cross Rivers’ commitment and zeal for the project, the newly streamlined ICRC public-private partnership (PPP) processes, securing a financier for the project, and the support of all other stakeholders present.
“We have streamlined our PPP processes to ensure that they are faster than they used to be,” he said.
“We are not compromising standards, we are only making the process more efficient and that I have commenced as the DG of ICRC.
“With the support of the Ministry of Marine and Blue Economy, Nigerian Ports Authority (NPA), Nigerian Shippers Council and all the stakeholders, my good news for you is that in your tenure as Governor of Cross River State, we will do the groundbreaking and complete the project.
“You have demonstrated that you have what it takes to do it, just like President Bola Tinubu has given confidence to investors to bring their funds to Nigeria.
“This is not a project that you started, the baton was only handed over to you, but like the man on the last lap, you are running the fastest and you will cut the tape: With the team you have assembled and the activities that are going on, you will arrive at the destination of the Bakassi Deep Seaport.
“I am convinced that in your tenure, with your team, Bakassi Deep Seaport will be a reality to the people of Cross River state and Nigerians.”
Speaking on the significance of the port, the ICRC director-general said the facility would “diversify” the traffic from the western port and serve as a succour to the eastern parts of Nigeria.
He added that the Bakassi deep seaport is an agro-value-chain port that would explore the potentials in the nation’s agricultural sector in the south-south part of Nigeria, the north as well as all of Africa.
Ewalefoh also thanked AfreximBank for believing in Nigeria, reassuring investors that the country is a choice destination for investment opportunities.