Tinubu flags off construction of $3.5bn Bakassi Deep Seaport in Cross River

President Bola Tinubu has flagged off the construction of the Bakassi Deep Seaport in Cross River State, describing the project as a major national investment expected to boost maritime trade, attract industries and create thousands of jobs.

Tinubu, represented by Vice-President Kashim Shettima, spoke on Friday during the groundbreaking ceremony in Bakassi, where he said the port would open new commercial corridors and strengthen Nigeria’s position in regional and international trade.

The President said the project, first conceived in 2014, would help ease congestion at existing seaports, particularly those in Lagos, while allowing Nigeria to retain more cargo currently handled by neighbouring countries.

Designed with a 20-metre draft to accommodate large vessels, the proposed port will be connected to a 260-kilometre superhighway to facilitate the movement of goods to markets across the country.

“This is beyond a Cross River dream. It is a Nigerian project. It is a poverty breaker,” Tinubu said.

He maintained that the Bakassi facility would complement rather than compete with Lagos, which, according to him, handles more than 80 per cent of Nigeria’s foreign trade.

“Lagos is not our enemy. Lagos is our elder brother in trade. No country eats with one hand. No country carries all its loads on one shoulder. That shoulder will break,” he said.

“When Calabar works, Nigeria works on two legs.”

Tinubu said Nigeria had yet to fully harness its coastline along the Gulf of Guinea, while neighbouring countries continued to benefit from cargo that could otherwise pass through Nigerian ports.

He added that although about 90 per cent of global cargo moves by sea, Nigeria handles only a fraction of regional maritime trade despite its economic size.

The President said the Bakassi port would diversify Nigeria’s maritime gateways, improve access to international markets and strengthen the country’s competitiveness in regional commerce.

He recalled that the project was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015, before receiving renewed attention under the administration of Cross River State Governor Bassey Otu.

Tinubu credited Otu with advancing the project, including efforts to secure a $3.5 billion financing arrangement with the African Export-Import Bank (Afreximbank) and formalising its Public-Private Partnership framework in February 2025.

Acknowledging the territorial and economic losses suffered by Cross River State following the Bakassi Peninsula ruling and the loss of oil revenue, the President urged residents to protect the project from political interference.

“The peninsula was not the end of your story, but the beginning of your next chapter,” he said.

In his remarks, Governor Otu described the groundbreaking as a historic milestone for the state, saying the Federal Government’s support under Tinubu had helped revive a project that had faced political, administrative, legal and environmental challenges.

He said the state had completed preparatory activities, including an Environmental Impact Assessment and hydrographic, geotechnical and geophysical surveys, while securing the necessary federal approvals.

Otu said the project would be executed under a Public-Private Partnership arrangement, with an initial funding approval of $2.27 billion.

According to him, the port would create opportunities in logistics, trade, fishing, shipping, tourism and shipbuilding, while positioning Cross River as a major maritime hub in the Gulf of Guinea.

The governor also said surveys conducted for the project exposed inaccuracies in the 1903 navigational charts, prompting the Federal Government to replace them on October 1, 2026. He described the development as an affirmation of Cross River State’s littoral status.

Otu disclosed that selected indigenes were undergoing specialised training for construction and operational roles as part of efforts to promote local participation and knowledge transfer.

He said the state’s proposed economic corridor, linking its airport, the seaport and the Lagos-Calabar Coastal Highway, would improve cargo movement and attract investors.

The governor also invited local and international investors in maritime and related industries to explore opportunities in the state, citing its one-stop investment hub and available tax incentives.

Also speaking, the Minister of Marine and Blue Economy, Gboyega Oyetola, said the project would help transform Nigeria’s maritime resources into investment opportunities, employment and economic growth.

Oyetola disclosed that revenue generated by agencies under his ministry increased from ₦700.79 billion in 2023 to ₦1.83 trillion in 2025, attributing the growth to improved revenue assurance and efforts to prevent financial leakages.

He also listed the elimination of piracy in Nigerian waters, approval for the modernisation of six legacy seaports, improved port governance and Nigeria’s election to the decision-making Council of the International Maritime Organisation among the developments recorded in the sector.

The minister further cited the lifting of United States Coast Guard restrictions on Nigerian-bound vessels in August 2026, the release of the Cabotage Vessel Financing Fund to shipowners and an increase in fish production from 1.1 million to 1.4 million tonnes.

Oyetola said the Bakassi port, when integrated with the Lagos-Calabar Coastal Highway, would improve access to markets and create opportunities for businesses across Cross River State, the South-South region and the wider Nigerian economy.

He pledged the ministry’s support for the development of a modern, efficient and environmentally sustainable port.

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