Vice-President Kashim Shettima has said the proposed $3.5 billion Bakassi Deep Seaport in Cross River State will ease congestion at Lagos ports, reduce the cost of moving goods and expand Nigeria's access to international markets.
Shettima spoke on Friday while representing President Bola Tinubu at the groundbreaking ceremony of the project in Ikang, Bakassi Local Government Area of Cross River State.
He described the proposed seaport as a strategic national investment that would establish an eastern maritime economic corridor, connecting the South-South, South-East, Middle Belt and North-East to regional and international markets.
The Vice-President said the concentration of more than 80 per cent of Nigeria's foreign trade through Lagos had placed considerable pressure on the country's maritime infrastructure, contributing to shipping delays and increased costs of goods.
He stressed that the Bakassi port was not designed to compete with Lagos but to complement existing facilities and distribute maritime activities more evenly across the country.
“Lagos is not our enemy. Lagos is our elder brother in trade. No country eats with one hand; no country carries all its loads on one shoulder. That shoulder will break when over 80 per cent of our foreign trade flows through Lagos and Lagos alone,” he said.
Shettima said the port would create opportunities for agricultural produce, solid minerals and manufactured goods from different parts of the country to reach international markets.
He specifically mentioned cocoa from Ekum, rice from Ogoja, timber and other mineral resources as commodities that could benefit from the proposed facility.
According to him, the project would also generate employment for engineers, truck drivers, crane operators, welders, customs officers, traders and other service providers.
He urged the people of Bakassi and Cross River State to protect the project from political interference and misinformation, describing it as an opportunity to expand the state's economic prospects.
Earlier, Governor Bassey Otu said the project, initiated by a previous administration, had encountered political, administrative, legal and environmental challenges before securing the necessary federal approvals.
Otu said the state government had completed environmental, hydrographic, geotechnical and geophysical assessments, adding that the Federal Executive Council had granted the project its third approval, with an initial funding commitment of $2.27bn.
He said the project would be executed under a public-private partnership arrangement and called on local and international investors to explore opportunities in shipping, maritime logistics, fishing, shipbuilding and related industries.
The President of the African Export-Import Bank, Dr George Elombi, represented by Mrs Kanayo Awani, said the bank was serving as mandated lead arranger and financial adviser to the $3.5bn project.
Awani said Afreximbank was helping to structure the public-private partnership, address early-stage risks and mobilise regional and international investment.
The bank said the port would support the African Continental Free Trade Area by improving access to regional and international markets, while stressing the need for complementary infrastructure, including roads, electricity and efficient customs services.
Bakassi seaport to decongest Lagos ports, cut cost of goods - Shettima