The Federal Government has said that the establishment of Bakassi Deep Seaport will be sustainable and boost economic diversification under a PublicPrivate Partnership (PPP) model.
It noted that the port was a major infrastructural initiative aimed at transforming Nigeria’s maritime sector and boosting the nation’s economy.
The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, said in a statement by his spokesman, Ismail Omipidan, that the port would enhance Nigeria’s competitive edge in the global market while significantly boosting foreign exchange earnings.
Oyetola, who was represented by the Permanent Secretary of the ministry, Mr. Olufemi Oloruntola during a stakeholders’ engagement organised by the Cross River State Government in Calabar, emphasised in his goodwill message that the port would be the country’s first agro-value chain-based deep seaport.
He stressed that the project, which includes a 217-kilometer super highway serving as the evacuation corridor to northern Nigeria, would facilitate the export of key agricultural products such as rubber, timber, cocoa, palm oil, and livestock.
The minister commended the state government’s adoption of the Public-Private Partnership (PPP) model, saying it would be a sustainable approach to funding, managing and enhancing maritime infrastructure.
He noted that the model would ensure competitiveness and attractiveness to both local and international stakeholders from the onset.
Oyetola highlighted the alignment of the project with the Federal Government’s Renewed Hope Agenda under President Bola Ahmed Tinubu’s administration.
He added: “The establishment of the Federal Ministry of Marine and Blue Economy is a strategic move to tap into the vast opportunities within Nigeria’s maritime sector and to support indigenous businesses in bridging infrastructural gaps.”