At a ceremony held in Bakassi, President Bola Tinubu praised the commencement of the Bakassi Deep Seaport project as a significant achievement in Nigeria’s efforts to diversify its economy. Represented by Vice President Kashim Shettima, the President acknowledged the contributions of Governor Bassey Otu and the people of Cross River in bringing the project to fruition.
The Bakassi Deep Seaport, which was first envisioned in 2014, is designed to accommodate large vessels and is linked to a 260-kilometre superhighway aimed at enhancing cargo transport across the nation. Tinubu stated that the new port would stimulate industrialization, create jobs, and open new commercial corridors.
While addressing infrastructure challenges, the President highlighted that the initiative would complement existing ports in Lagos, which currently manage over 80 percent of Nigeria’s foreign trade. He underscored the necessity of reducing the pressure on Lagos ports by diversifying maritime gateways.
Governor Otu noted that the groundbreaking followed years of overcoming various challenges and credited the federal government’s support through Tinubu’s Renewed Hope Agenda. He reiterated the importance of the Bakassi project for the local economy and called for investor engagement in maritime opportunities.
The project is to be executed through a Public-Private Partnership arrangement, with initial funding of $2.27 billion secured. Local residents are also receiving training to take on roles in the development and operation of the facility, further contributing to the state’s economic growth.
