President Bola Tinubu has flagged off the construction of the Bakassi Deep Seaport in Cross River State, describing the project as a strategic national investment expected to expand maritime trade, attract industries and create 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 and strengthen Nigeria’s position in regional and international trade.
The President said the project, which was conceived in 2014, had the potential to reduce pressure on existing ports, particularly in Lagos, and enable Nigeria to retain more cargo currently handled by neighbouring countries.
He said the proposed facility, designed with a 20-metre draft to accommodate large vessels, would be connected 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 argued that the project would complement rather than compete with Lagos, which handles more than 80 per cent of Nigeria’s foreign trade, according to him.
“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 said Nigeria had not fully exploited its coastline along the Gulf of Guinea, while neighbouring countries benefited from cargo that could otherwise pass through Nigerian ports.
He added that although about 90 per cent of cargo globally moves by sea, Nigeria handles only a fraction of regional cargo trade despite its economic size.
The President said the Bakassi port would help diversify the country’s maritime gateways, improve access to international markets and strengthen its competitiveness in regional trade.
He recalled that the project was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015, before gaining renewed attention under Governor Bassey Otu.
Tinubu also credited the governor’s efforts with advancing the project, including work towards securing a $3.5bn financing arrangement with the African Export-Import Bank and formalising its Public-Private Partnership framework in February 2025.
Acknowledging Cross River’s territorial and economic losses following the Bakassi peninsula ruling and the 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.
In his remarks, Governor Otu described the groundbreaking as a historic milestone for the state, crediting the Federal Government’s support under Tinubu with reviving a project that had faced political, administrative, legal and environmental challenges.
He said the state had completed preparatory work, including an Environmental Impact Assessment and hydrographic, geotechnical and geophysical surveys, and secured the necessary federal approvals.
Otu said the project would be delivered through a Public-Private Partnership arrangement, with an initial funding approval of $2.27bn.
According to him, the port would create opportunities in logistics, trade, fishing, shipping, tourism and shipbuilding, while positioning Cross River as a maritime hub in the Gulf of Guinea.
The governor also said the surveys exposed flaws in the 1903 navigational charts, prompting the Federal Government to replace them on October 1, 2026, in a move he said affirmed Cross River’s littoral status.
Otu disclosed that selected indigenes were undergoing specialised training for construction and operational roles, with plans for knowledge transfer.
He said the state’s economic corridor, linking its airport, the proposed seaport and the Lagos-Calabar Coastal Highway, would improve cargo movement and attract investors.
The governor invited investors in maritime and related industries to explore opportunities in the state, citing its one-stop investment hub and tax incentives.
Also speaking, the Minister of Marine and Blue Economy, Gboyega Oyetola, said the project would help translate Nigeria’s maritime resources into investment, employment and economic growth.
Oyetola said revenue generated by agencies under the ministry increased from N700.79bn in 2023 to N1.83tn in 2025, attributing the growth to improved revenue assurance and efforts to curb leakages.
He also listed the elimination of piracy in Nigerian waters, approval for the modernisation of six legacy seaports, improved port governance and Nigeria’s election to the decision-making Council of the International Maritime Organisation among developments in the sector.
The minister further cited 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.
Oyetola said the Bakassi port, integrated with the Lagos-Calabar Coastal Highway, would improve market access and create opportunities for industries and businesses across Cross River, the South-South and the wider Nigerian economy.
He pledged the ministry’s support for the development of a modern, efficient and environmentally sustainable port.
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