ICRC Announces Imminent Start of $3.5 Billion Bakassi Deep Seaport Project

The Infrastructure Concession Regulatory Commission has confirmed that the construction of the $3.5bn Bakassi Deep Seaport is going to begin soon, signaling an advancement for Nigeria’s maritime and economic infrastructure.

ICRC’s Director-General, Dr Jobson Ewalefoh, announced this at a high-level stakeholders’ meeting, according to a statement issued on Monday by the acting Head of Media and Publicity, Ifeanyi Nwoko.

Ewalefoh said the project would be completed in record time, stressing that the assurance was premised on four factors.

He said this is because the Cross River State Government has demonstrated the commitment and zeal required for the project; the newly streamlined ICRC public-private partnership processes; the securing of a financier for the project; and the support of all other stakeholders present.


The $3.5bn project whose funding has been secured from the African Export-Import Bank, is to be executed as a public-private partnership project.

“We have streamlined our PPP processes to ensure that they are faster than they used to be. We are not compromising standards, we are only making the process more efficient, and I have commenced that as the DG of ICRC.

“With the support of the Ministry of Marine and Blue Economy, Nigerian Ports Authority, Nigerian Shippers Council, and all the stakeholders, my good news for you is that in your tenure as Governor of Cross River State, we will do the groundbreaking and complete the project.

“You have demonstrated that you have what it takes to do it, just like President Bola Tinubu has given confidence to investors to bring their funds to Nigeria. This is not a project that you started, the baton was only handed over to you, but like the man on the last lap, you are running the fastest and you will cut the tape. With the team you have assembled and the activities that are going on, you will arrive at the destination of the Bakassi Deep Seaport,” Ewalefoh stated.

The ICRC boss said he is convinced that the Bakassi Deep Seaport will be a reality to the people of Cross River State and Nigerians.

He said the port is important as it would diversify the traffic from the western port and serve as a succour to the eastern parts of Nigeria.

He added that the Bakassi Deep Seaport is an agro-value-chain port that will explore the potential in the nation’s agricultural sector in the South-South part of Nigeria, the North as well as all of Africa.

The DG thanked AfreximBank for believing in the state and Nigeria. He used the opportunity to reassure investors that Nigeria is a choice destination for investment opportunities.

A high point of the meeting was the signing of the statement of endorsement by all critical stakeholders to the projects including the ICRC, Cross River State Government, Nigeria Ports Authority, and Nigeria Shippers Council, among others.