Tinubu flags off $2.27bn Bakassi Deep Seaport

Etim Ekpimah

President Bola Tinubu has flagged off the construction of the Bakassi Deep Seaport in Cross River State, describing the project as a major investment expected to boost maritime trade, attract industries and create thousands of jobs.

Tinubu, represented by Vice-President Kashim Shettima, spoke on Friday at the groundbreaking ceremony in Bakassi, where he said the port would open new commercial corridors, strengthen Nigeria’s position in international trade and expand economic opportunities.

The President said the project, conceived in 2014, would ease pressure on existing ports, particularly those in Lagos, while helping Nigeria retain cargo traffic currently diverted to neighbouring countries.

Designed with a 20-metre draft to accommodate large vessels, the proposed port will be linked to a 260-kilometre superhighway to facilitate the movement of goods to markets across the country.

“This is beyond a Cross River dream. It is a Nigerian project. It is a poverty breaker,” Tinubu said.

He stressed that the Bakassi port was intended to complement, rather than compete with, Lagos, which, according to him, handles more than 80 per cent of Nigeria’s foreign trade.

“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 fully exploit its coastline along the Gulf of Guinea, allowing neighbouring countries to benefit from cargo that could otherwise pass through Nigerian ports.

He noted that although about 90 per cent of global cargo moves by sea, Nigeria handles only a fraction of regional maritime trade despite its economic potential.

The President said the new facility would diversify the country’s maritime gateways, improve access to international markets and enhance its competitiveness in regional commerce.

Tracing the project’s history, Tinubu said it was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015, before receiving renewed attention under Cross River State Governor Bassey Otu.

He commended Otu for advancing the project, particularly his 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 Cross River’s territorial and economic losses following the Bakassi Peninsula ruling and the resulting loss of oil revenue, Tinubu urged residents to protect the project from political interference.

“The peninsula was not the end of your story, but the beginning of your next chapter,” he said.

Governor Otu described the groundbreaking as a historic milestone, saying Federal Government support under Tinubu had helped revive a project that had endured political, administrative, legal and environmental challenges.

He said the state had completed essential preparatory work, including an Environmental Impact Assessment and hydrographic, geotechnical and geophysical surveys, as well as obtained the necessary federal approvals.

Otu disclosed that the port would be developed through a Public-Private Partnership arrangement, with an initial funding approval of $2.27bn.

According to him, the facility would create opportunities in logistics, shipping, fishing, tourism, trade and shipbuilding, while positioning Cross River as a major maritime hub in the Gulf of Guinea.

The governor also said the surveys revealed deficiencies in the 1903 navigational charts, prompting the Federal Government to replace them on October 1, 2026. He described the development as an affirmation of Cross River’s littoral status.

He added that selected indigenes were undergoing specialised training to prepare them for construction and operational responsibilities, with arrangements for knowledge transfer.

Otu said the state’s proposed economic corridor, connecting its airport, the seaport and the Lagos-Calabar Coastal Highway, would facilitate cargo movement and attract investment.

He urged investors in maritime and related industries to explore opportunities in the state, highlighting its one-stop investment hub and available tax incentives.

Also speaking, the Minister of Marine and Blue Economy, Gboyega Oyetola, said the project would transform Nigeria’s maritime resources into investment, employment and sustainable economic growth.

Oyetola disclosed that revenue generated by agencies under his ministry rose from N700.79bn in 2023 to N1.83tn in 2025, attributing the increase to improved revenue assurance and measures to eliminate financial leakages.

He also highlighted the elimination of piracy in Nigerian waters, approval for the modernisation of six existing seaports, improved port governance and Nigeria’s election to the decision-making Council of the International Maritime Organisation.

Other achievements he listed included the lifting of United States Coast Guard restrictions on Nigerian-bound vessels in August 2026, the release of the Cabotage Vessel Financing Fund to shipowners and an increase in fish production from 1.1 million to 1.4 million tonnes.

The minister said integrating the Bakassi port with the Lagos-Calabar Coastal Highway would improve market access and stimulate economic activities across Cross River, the South-South and the wider Nigerian economy.

He pledged the ministry’s continued support for the development of a modern, efficient and environmentally sustainable seaport.