President Bola Tinubu, on Friday, flagged off the construction of the $3.5 billion Bakassi Deep Seaport in Cross River.
Mr Tinubu, represented by Vice-President Kashim Shettima, described the project as a historic economic intervention capable of transforming Nigeria’s maritime industry.
Speaking at the groundbreaking ceremony in Bakassi, Mr Tinubu said the project would break a centuries-old jinx and reposition Cross River as a major commercial and maritime hub.
“I have not come to Calabar to cut a ribbon and dance Ekpe Masquerade. I am here to break ground and break centuries-old jinx,” he said.
He said the project would unlock Nigeria’s maritime potential, diversify the economy and demonstrate what collective commitment could achieve.
The president said the seaport, supported by a proposed superhighway, would provide an evacuation corridor linking the South-South to other parts of the country.
He said the concentration of more than 80 per cent of Nigeria’s foreign trade through Lagos ports had contributed to congestion, shipment delays and higher costs.
“Lagos is not our enemy. Lagos is our elder brother in faith. No country eats with one hand. No country carries all its load on one shoulder.
“When over 80 per cent of our foreign trade flows through Lagos, and Lagos alone, that is not strength. That is congestion,” he said.
Mr Tinubu said the Bakassi project would complement existing ports, improve cargo movement and strengthen Nigeria’s competitiveness in international trade.
He said Nigeria accounted for more than 60 per cent of West Africa’s Gross Domestic Product but handled only 25 per cent of the region’s cargo traffic.
The president said the country’s blue economy had the potential to generate 44 billion dollars annually.
“The sea is no longer just water to look at. It is wealth to harvest,” he said.
He said the project would create employment opportunities for engineers, crane operators, truck drivers, welders, customs officers, artisans and traders.
Mr Tinubu added that agricultural produce, including cocoa from Ikom and rice from Ogoja, alongside timber and solid minerals, would benefit from improved access to international markets.
He urged Cross River residents to protect the project from political interference and misinformation.
Earlier, Governor Bassey Otu described the groundbreaking as a milestone in efforts to reposition Cross River as a major player in Nigeria’s maritime and blue economy.
Mr Otu said the project, initiated under his predecessor, Ben Ayade, had suffered political, administrative, legal and environmental setbacks.
He thanked Mr Tinubu for supporting the project and providing the necessary Federal Government approvals.
The governor said the state had completed environmental impact assessments, as well as hydrographic, geotechnical and geophysical surveys.
He added that the project had secured technical approval from the Federal Executive Council.
Mr Otu said the seaport would be developed through a Public-Private Partnership arrangement, with an initial funding commitment of N2.27 billion.
He said the federal government had officially retired colonial-era navigational charts dating to 1903 on Oct. 1, 2026, following the adoption of modern scientific survey reports.
According to him, the development provided a more reliable scientific basis for determining Cross River’s maritime status and navigational boundaries.
Mr Otu said the seaport, proposed airport expansion and Lagos-Calabar Coastal Highway would provide the state with three strategic economic gateways.
He said the facilities would attract investments in logistics, shipping, fishing, tourism, shipbuilding and other maritime-related businesses.
The governor also disclosed that some indigenes were undergoing specialised training for the construction and eventual operation of the port.
In his remarks, George Elombi, president and chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), pledged the bank’s support for developing an economic corridor around the seaport.
Represented by Kanayo Awani, executive vice-president of Afreximbank’s Intra-African Trade Bank, Mr Elombi said the port could accommodate larger vessels and reduce cargo transportation costs.
He said the project would also improve the competitiveness of agricultural and manufactured products.
Mr Elombi urged stakeholders to complement the seaport with transport infrastructure, industrial and agro-processing zones, reliable electricity, water supply and digital connectivity.
Government officials, maritime industry stakeholders, development finance institutions, traditional rulers and other dignitaries attended the ceremony.
The project was conceived during the administration of former governor Mr Ayade, who pursued its development from 2015.
(NAN)
