President Bola Ahmed Tinubu has officially flagged off the construction of the $3.5 billion Bakassi Deep Seaport in Cross River State. The project aims to strategically reduce pressure on Lagos ports and reposition Nigeria's maritime industry. Tinubu, represented by Vice-President Kashim Shettima, performed the groundbreaking ceremony in Bakassi, marking a significant milestone in the development of the seaport.
The Bakassi Deep Seaport is expected to complement existing port facilities, improve cargo movement, and strengthen Nigeria's competitiveness in global trade. Tinubu noted that over 80 percent of Nigeria's foreign trade flows through Lagos ports, contributing to congestion, shipment delays, and increased transportation costs. He emphasized that diversifying trade through the Bakassi port will ease pressure on Lagos and promote economic growth.
The President highlighted the potential of Nigeria's blue economy to generate $44 billion annually. He also noted that the country handles only 25 percent of West Africa's cargo traffic, despite accounting for over 60 percent of the region's Gross Domestic Product. The seaport is expected to create employment opportunities across various sectors, including engineering, shipping, and transportation.
Governor Bassey Otu of Cross River State described the groundbreaking as a major milestone in his administration's efforts to reposition the state as a leading maritime and blue economy destination. The project, conceived under his predecessor, former Governor Ben Ayade, had encountered several challenges before Otu's administration secured the necessary approvals.
The seaport will be developed through a Public-Private Partnership arrangement, with an initial funding commitment of N2.27 billion. The state has completed environmental impact assessments, hydrographic, geotechnical, and geophysical surveys, and secured technical approval from the Federal Executive Council. The project is expected to provide Cross River with three strategic economic gateways, attracting investments in shipping, logistics, and agro-processing.
The African Export-Import Bank (Afreximbank) has pledged its support for developing an economic corridor around the seaport. The bank's President and Chairman of the Board of Directors, Dr. George Elombi, said the facility could accommodate larger vessels, reduce cargo transportation costs, and improve the competitiveness of African agricultural and manufactured products.
The Bakassi Deep Seaport is expected to unlock Cross River's agricultural and mineral exports, including cocoa from Ikom and rice from Ogoja, as well as timber and solid minerals. Tinubu urged residents and stakeholders to protect the project from political interference and misinformation, stressing the importance of collective commitment to its successful delivery.
Key points
- The Bakassi Deep Seaport is expected to reduce pressure on Lagos ports and promote economic growth.
- The project will create employment opportunities across various sectors and unlock Cross River's agricultural and mineral exports.
- The seaport is part of a larger plan to develop Cross River as a leading maritime and blue economy destination.
