President Bola Ahmed Tinubu has described the groundbreaking of the Bakassi Deep Seaport as a defining milestone in Nigeria's economic diversification. Represented by Vice President, Senator Kashim Shettima, at the ceremony in Bakassi on Friday, the President said the port would open new commercial corridors, stimulate industrialisation and create jobs. The project, conceived in 2014, received renewed impetus under Governor Bassey Edet Otu of Cross River State.
The Bakassi Deep Seaport is designed as a 20-metre-draft facility to accommodate large vessels that currently bypass Nigerian ports. It is linked to a 260-kilometre superhighway to move cargo to markets across the country. The President credited Otu's determination with helping to overcome institutional and financial obstacles, including efforts to secure a $3.5 billion Afreximbank financing arrangement and formalise the PPP framework in February 2025.
Tinubu stressed that the port would complement, not undermine, Lagos, which handles more than 80 per cent of Nigeria's foreign trade. He argued that a second major maritime gateway would strengthen the national economy, allowing Nigeria to capture a greater share of maritime commerce. The President noted that roughly 90 per cent of cargo moves by sea, yet Nigeria handles only a fraction of regional cargo trade despite its economic weight in West Africa.
The President acknowledged the territorial and economic losses Cross River suffered following the Bakassi peninsula ruling and the loss of oil revenue. However, he urged residents to protect the project from political interference and regard it as an inheritance for future generations. Tinubu also commended Governor Otu and the people of Cross River for sustaining the vision and advancing it towards actualisation.
The Bakassi project aims to help retain regional cargo, expand international market access and strengthen the country's maritime competitiveness. According to Tinubu, Nigeria had not fully exploited its Gulf of Guinea coastline, while neighbouring countries benefited from trade Nigerian ports could attract. The port is expected to reduce dependence on a single gateway and position the country to capture a greater share of maritime commerce.
Governor Bassey Edet Otu of Cross River State hailed the project as a historic milestone, while Minister for Marine and Blue Economy, Gboyega Oyetola, projected massive investment. The project is a public-private partnership between the Federal Government and the Cross River State Government, with Afreximbank providing $3.5 billion in financing.
The inauguration of the Bakassi Deep Seaport marks a significant step towards Nigeria's economic diversification and maritime development. The project is expected to create jobs, stimulate industrialisation and increase Nigeria's share of maritime commerce. Key stakeholders, including Vice President Kashim Shettima, Governor Bassey Edet Otu, and Minister Gboyega Oyetola, were present at the ceremony.
Key points
- The Bakassi Deep Seaport is a $3.5 billion project aimed at redefining Nigeria's maritime economy and stimulating industrialisation.
