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Tinubu Flags Off $3.5bn Bakassi Deep Seaport, Targets Lagos Port Congestion
Tinubu Flags Off $3.5bn Bakassi Deep Seaport, Targets Lagos Port Congestion
Tinubu says Bakassi port will diversify Nigeria’s maritime trade and ease pressure on Lagos ports.
Project expected to create jobs and unlock Cross River’s agricultural and mineral exports.
Nigeria’s blue economy has potential to generate $44bn annually, President says.
Cross River secures FEC technical approval for project to be executed under PPP arrangement.
November 14, () – The President, Bola Ahmed Tinubu has flagged off the construction of the $3.5 billion Bakassi Deep Seaport in Cross River State, describing the project as a strategic investment that will reduce pressure on Lagos ports and reposition Nigeria’s maritime industry.
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Tinubu, represented by Vice-President Kashim Shettima, performed the groundbreaking ceremony in Bakassi yesterday, declaring that the project would end decades of setbacks and establish Cross River as a major commercial and maritime hub.
The President said the seaport, alongside the proposed superhighway, would provide a strategic evacuation corridor connecting the South-South to other parts of the country and expand Nigeria’s capacity to participate in international trade.
He observed that the concentration of more than 80 per cent of Nigeria’s foreign trade through Lagos ports had contributed to congestion, shipment delays and increased transportation 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.
Tinubu said the Bakassi Deep Seaport would complement existing port facilities, improve cargo movement and strengthen Nigeria’s competitiveness in global trade.
He noted that although Nigeria accounts for more than 60 per cent of West Africa’s Gross Domestic Product, it handles only 25 per cent of the region’s cargo traffic, adding that the country’s blue economy has the potential to generate $44 billion annually.
The President said the project would create employment opportunities across several sectors, including engineering, shipping, transportation, customs services, construction and trading.
He added that agricultural produce such as cocoa from Ikom and rice from Ogoja, as well as timber and solid minerals, would gain improved access to international markets through the seaport.
Tinubu urged residents and stakeholders to protect the project from political interference and misinformation, stressing the importance of collective commitment to its successful delivery.
Earlier, Governor Bassey Otu described the groundbreaking as a major milestone in his administration’s efforts to reposition Cross River as a leading maritime and blue economy destination.
Otu said the project, conceived under his predecessor, former Governor Ben Ayade, had encountered political, administrative, legal and environmental challenges before his administration intensified efforts to secure the necessary approvals.
He disclosed that the state had completed environmental impact assessments, hydrographic, geotechnical and geophysical surveys, while the project had also secured technical approval from the Federal Executive Council.
The governor said the seaport would be developed through a Public-Private Partnership arrangement, with an initial funding commitment of N2.27 billion.
He added that the Federal Government had, on October 1, 2026, retired colonial-era navigational charts dating back to 1903 following the adoption of modern scientific survey reports.
Otu said the seaport, proposed airport expansion and Lagos-Calabar Coastal Highway would provide Cross River with three strategic economic gateways, attracting investments in shipping, logistics, fishing, tourism, shipbuilding and agro-processing.
He also disclosed that some indigenes of the state were undergoing specialised training to equip them for the construction and eventual operation of the facility.
In his remarks, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Dr George Elombi, pledged the bank’s support for developing an economic corridor around the seaport.
Represented by the bank’s Executive Vice-President, Intra-African Trade Bank, Kanayo Awani, Elombi said the facility could accommodate larger vessels, reduce cargo transportation costs and improve the competitiveness of African agricultural and manufactured products.
He urged stakeholders to complement the project with supporting transport infrastructure, industrial and agro-processing zones, reliable electricity, water supply and digital connectivity.
