President Bola Tinubu has reaffirmed his administration’s commitment to expanding Nigeria’s maritime economy with the groundbreaking of the Bakassi Deep Seaport in Cross River State, a project expected to boost international trade, attract investments and generate employment opportunities.
The groundbreaking ceremony, held in Bakassi on Friday, was performed on behalf of the President by Vice-President Kashim Shettima, who said the proposed seaport would create new commercial opportunities and strengthen Nigeria’s competitiveness in regional and global maritime trade.
Tinubu described the project as a strategic national investment, stressing that its benefits would extend beyond Cross River State to the wider Nigerian economy.
According to him, the seaport, first conceived in 2014, would help ease congestion at existing ports, particularly in Lagos, while providing an alternative maritime gateway for handling cargo destined for Nigeria and other parts of the region.
He explained that the facility, designed with a 20-metre draft to accommodate large vessels, would be linked to a 260-kilometre superhighway to improve the transportation of goods from the port to markets across the country.
“This is beyond a Cross River dream. It is a Nigerian project. It is a poverty breaker,” Tinubu said.
The President maintained that the Bakassi project was not intended to undermine the importance of Lagos in Nigeria’s maritime sector but would complement existing facilities and distribute the country’s trade activities more efficiently.
“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,” he said.
“When Calabar works, Nigeria works on two legs.”
Tinubu lamented that Nigeria had yet to maximise the economic opportunities offered by its extensive coastline along the Gulf of Guinea, noting that neighbouring countries continued to benefit from cargo traffic that could otherwise be handled through Nigerian ports.
He observed that although approximately 90 per cent of global cargo transportation takes place by sea, Nigeria accounts for only a limited share of regional maritime trade despite its economic potential.
The President said the Bakassi Deep Seaport would diversify the country’s maritime infrastructure, improve access to international markets and strengthen Nigeria’s position as a major player in regional commerce.
Tracing the history of the project, Tinubu recalled that it was initiated in 2014, with an Environmental and Social Impact Assessment developed in March 2015, before receiving renewed attention under the administration of Cross River State Governor Bassey Otu.
He commended Otu for advancing the project, particularly efforts to secure a $3.5bn financing arrangement with the African Export-Import Bank and establish its Public-Private Partnership framework in February 2025.
Acknowledging the economic and territorial setbacks suffered by Cross River State following the Bakassi peninsula ruling and the loss of oil revenue, Tinubu urged residents to ensure that political differences did not undermine the implementation of the project.
“The peninsula was not the end of your story, but the beginning of your next chapter,” he said.
Post A Comment: