FEDERAL GOVERNMENT APPROVES $3.5 BILLION BAKASSI DEEP SEAPORT TO BOOST TRADE & ECONOMY

Abuja, Nigeria – February 28, 2025 – The Federal Government of Nigeria has officially endorsed the $3.5 billion Bakassi Deep Seaport project, a major infrastructural initiative aimed at boosting the country’s maritime trade and economic development. The project, located in Cross River State, is expected to enhance Nigeria’s shipping and logistics capabilities, reduce congestion at existing ports, and create thousands of jobs.

The Bakassi Deep Seaport is designed to be a world-class maritime facility capable of handling large cargo vessels and increasing Nigeria’s competitiveness in global trade. The seaport will have a deep draft of approximately 16.5 meters, allowing it to accommodate Panamax and Post-Panamax vessels, making it one of the deepest ports in West Africa.

The project will be developed through a Public-Private Partnership (PPP) model, with significant funding expected from international investors and stakeholders in the shipping and logistics sectors.

Minister of Transportation, Senator Sa’idu Alkali, announced the government’s endorsement during a press briefing in Abuja, stating that the Bakassi Deep Seaport aligns with President Bola Tinubu’s vision for infrastructure development and economic expansion.

“This project is a game-changer for Nigeria’s maritime industry. It will decongest the Apapa and Tin Can ports, boost trade, and create thousands of employment opportunities. The Federal Government is fully committed to its realization,” Alkali said.

The Bakassi Deep Seaport is expected to have far-reaching economic and social benefits, including:

Job Creation – The project will generate thousands of direct and indirect jobs, benefiting the local economy and skilled labor force.

Trade Expansion – The new port will facilitate increased import and export activities, enhancing Nigeria’s trade relations with international markets.

Decongestion of Lagos Ports – By offering an alternative to the already overcrowded Lagos ports, the Bakassi Deep Seaport will improve efficiency in cargo handling and logistics.

Revenue Generation – The project is expected to contribute significantly to Nigeria’s Gross Domestic Product (GDP) through port charges, taxes, and related economic activities.

Boost to Local Industries – With improved shipping logistics, local manufacturers and businesses will benefit from reduced transportation costs and faster supply chain processes.

Despite its promising benefits, the Bakassi Deep Seaport project faces several challenges, including securing full private sector funding, environmental impact concerns, and ensuring smooth regulatory approvals. However, the Federal Government has assured stakeholders that all necessary measures are being taken to address these issues.

Governor Bassey Otu of Cross River State expressed optimism about the project’s potential, stating, “This seaport will transform Cross River into a major economic hub and unlock immense opportunities for our people and the nation at large.”

With the Federal Government’s endorsement, the $3.5 billion Bakassi Deep Seaport project is set to become a pivotal development in Nigeria’s maritime sector. Once completed, it will reinforce Nigeria’s position as a leading trade hub in West Africa, foster economic growth, and create lasting opportunities for businesses and individuals alike.