President Bola Tinubu on Friday performed the groundbreaking ceremony for the multi-billion-dollar Bakassi Deep Seaport, describing the project as a fiscal game-changer set to catapult Cross River State and Nigeria into a leading hub for the blue economy.
Represented by Vice-President Kashim Shettima, the Nigerian leader stated categorically that he was not in Calabar to “cut a ribbon and dance Ekpe masquerade,” but to break ground and shatter a centuries-old jinx. The maritime gateway was initiated by the Cross River State government at a cost of $3.5 billion, backed by a loan from Afreximbank.
Broad stakeholder backing revives long-dormant port plan
The deep seaport project was initiated in 2014, with its Environmental and Social Impact Assessment (ESIA) developed in March 2015. With the backing of the Infrastructure Concession Regulatory Commission and the Federal Ministry of Transportation, the state government inaugurated hydrographic, geophysical, and geotechnical surveys through the National Hydrographic Agency.
The Nigerian Ports Authority, the Nigerian Navy, the Nigeria Customs Service, the Ministry of Marine and Blue Economy, and the Nigerian Shippers’ Council also hold stakes in the development. Vice-President Shettima dismissed insinuations that the port would remain a pipe dream, asserting that it has become a reality.
Federal administration rejects regional port monopoly narratives
Addressing long-standing rumours of a port monopoly, Vice-President Shettima rejected suggestions that federal authorities or regional interests in Abuja and the South-West have deliberately suppressed seaport development in other parts of Nigeria. He maintained that his presence with a shovel in hand serves as concrete proof of his administration’s commitment to building a decentralised, resilient maritime economy.
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Emphasising national unity, he noted that Lagos is an elder brother in trade rather than a competitor. Pointing out that over 80 percent of foreign trade flows through Lagos alone, he warned that such concentration risks severe congestion, delayed goods, and rising prices across regional markets.
Engineering specifications and blue economy wealth potential
The 20-metre-draft deep seaport is engineered to be among the largest in Africa, designed to accommodate high-capacity vessels that currently bypass Nigerian waters. The facility is paired with a 260-kilometre superhighway serving as an evacuation corridor to connect cargo to the North, East, and West.
Governor Bassey Otu reinvigorated the project, while Afreximbank secured $3.5 billion in funding and formalised a public-private partnership in February 2025. President Tinubu highlighted Nigeria’s blue economy as a multi-trillion-naira goldmine capable of generating $44 billion annually by capturing regional cargo traffic. Reflecting on the loss of the Bakassi Peninsula through the International Court of Justice verdict, he assured residents that the Atlantic Ocean would now economically empower their families.
Ministerial and institutional endorsements signal regional integration
Minister of Marine and Blue Economy Adegboyega Oyetola explained that the project marks a new chapter in Nigeria’s maritime development, economic diversification, and regional competitiveness under the Renewed Hope Agenda.
Nigerian Ports Authority Managing Director Abubakar Dantsoho noted that the seaport will unlock trade relationships between Nigeria and landlocked countries such as Chad, Niger, Mali, and Burkina Faso, helping tap into Africa’s extensive landlocked trade potential.
Afreximbank Executive Vice-President Kanayo Awani, representing President and Chairman of the Board of Directors George Elombi, stated that the $3.5 billion infrastructure project will strengthen Nigeria’s maritime corridor, expand port capacity, and facilitate trade under the African Continental Free Trade Area agreement.
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