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FEC greenlights Bakassi deep seaport in ₦6.43trn infrastructure push
The Federal Executive Council (FEC) has approved three major Public–Private Partnership (PPP) infrastructure projects valued at over ₦6.43 trillion, translating to approximately $4.29 billion in private capital investment for the Nigerian economy.
One of the flagship approvals is the Bakassi Deep Seaport, a strategic maritime infrastructure project expected to attract about $2.27 billion in private sector investment.
The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Osedion Ewalefoh, described the seaport as a transformative development for Nigeria’s maritime and logistics landscape.
According to him, the Bakassi Deep Seaport will serve as a new maritime gateway for Nigeria’s North-Central and North-East regions, while also emerging as a major logistics hub for West and Central Africa.
He explained that the project is a greenfield development designed to accommodate large vessels and integrated with an industrial cluster and a Free Trade Zone, noting that it is expected to create thousands of direct and indirect jobs while enhancing Nigeria’s competitiveness in regional and international maritime trade.
Dr. Ewalefoh added that the approval of the Bakassi Deep Seaport under the PPP framework reflects the Federal Government’s commitment to infrastructure-led economic growth, regional trade expansion and private-sector-driven development.
The approval also aligns with President Bola Tinubu’s campaign promise during his visit to Cross River State to revisit the Calabar Deep Seaport project, a pledge that is now taking concrete shape through renewed focus on strategic maritime infrastructure development in the region.
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