Nigeria Approves $2 Billion Bakassi Deep Seaport

MDAS Nigeria's total public debt increased by ₦2.4 trillion in Q2 2020 - NBS
The Federal Government of Nigeria has approved the construction of Bakassi Deep Seaport which is currently ongoing. Cross River State Governor, Prof. Ben Ayade announced the report and said that the approval has paved way to launch the port on a commercial scale.
“We have got the official approval for the Bakassi Deep Sea Port Outline Business Case which means that the Nigerian government has now officially recognized the Bakassi Deep Sea Port and has given us the impetus to go for the full business case,” stated Prof. Ben Ayade.
Bakassi Deep Seaport

The Bakassi Deep Seaport is to become the second trade port in Nigeria, after the Apapa port and would be the maritime gateway for the country’s landlocked northeast. This is because the rest of the ports are oil terminals.

The project development is supported by the interim transaction advisors, The Infrastructure Bank, and China Harbour. The project entails an evacuation corridor and a six-lane highway linking the port with the north. The proposed six-lane highway spans 162 miles across the length of the geographical space of the state from Bakassi in the South up to Northern part of the state which borders with Benue state in North Central Nigeria.

The 20-metre-deep harbour will cost approximately US $800 million and will be built via a public-private partnership (PPP). Upon completion, the Bakassi port will reduce congestion faced in Lagos ports and the Onne West Africa Container Terminal in Rivers State. It will also aid in the transportation of farm produce from the north to other parts of the country.

“The outline business case proposed a 20-metre-deep harbour for transnational shipping, making it “the deepest seaport in Africa,” said Governor Ayade.