Tinubu Flags Off Construction of $3.5bn Bakassi Deep Seaport

President Bola Tinubu has performed the groundbreaking ceremony for the $3.5 billion Bakassi deep seaport in Cross River state.

Tinubu, who was represented by Vice-President Kashim Shettima, at the ceremony in Bakassi on Friday, described the project as a fiscal game-changer set to catapult the state and Nigeria into a leading hub for the blue economy.

Speaking at the event, the president said he was not in Calabar “to cut a ribbon and dance Ekpe masquerade” but to “break ground and break a centuries-old jinx.”

“Many people believed this port would never happen. They said it would be a pipe dream. They said Bakassi would only be remembered for what we lost,” he said.

“Today, we answer them with a shovel, with concrete, with steel, and with hope, a renewed hope that a dream deferred can become a dream actualised.”

BAKASSI DEEP SEAPORT WILL BOOST REGIONAL TRADE

In a goodwill message at the ceremony, Abubakar Dantsoho, managing director (MD) of the NPA, said the port would transform Nigeria’s maritime sector, boost regional trade and attract investment into the blue economy.

He said the port is designed to serve as a maritime hub for Nigeria, the Gulf of Guinea and countries in the Sahel region.

Dantsoho said the project, which is being developed under a public-private partnership (PPP) arrangement and backed by a $3.5 billion facility from the African Export-Import Bank (Afreximbank), would accommodate ultra-large container vessels (ULCVs).

He said the capacity to receive larger vessels would reduce the need for frequent maintenance dredging and give Nigeria a competitive advantage in international shipping and logistics.

The NPA chief added that the port would be supported by a dedicated 275-kilometre, six-lane Calabar-Ogoja-Gakem superhighway to provide an evacuation corridor to the north-central and north-eastern regions.

The managing director added that the road infrastructure would also position the port as a cost-effective transshipment gateway for landlocked countries, including Chad, Niger Republic, Mali and Burkina Faso.

“Africa accounts for 16 of the world’s 44 landlocked countries, with four located in West Africa. These include Mali, Niger, Burkina Faso and Chad, with a combined population of approximately 101 million people,” Dantsoho said.

“The Bakassi Deep Sea Port therefore presents an important opportunity to strengthen regional trade connectivity, facilitate access to international shipping routes and position Nigeria as a preferred maritime gateway for the wider West and Central African markets.”

The NPA MD also called for sustained investment in port infrastructure, technology and operational efficiency to improve the competitiveness of Nigerian ports.

Dantsoho commended Tinubu for ongoing modernisation projects at the Western and Eastern ports, saying the investments would expand capacity, improve efficiency and enable Nigerian ports to accommodate larger vessels.

He reaffirmed the NPA’s commitment to working with the Cross River state government, private investors, technical partners, and other stakeholders to ensure the successful delivery and operation of the Bakassi port.

The NPA boss expressed optimism that the port, alongside investments in existing facilities, would improve Nigeria’s maritime competitiveness, facilitate regional integration and create economic opportunities.