Nigeria launches $3.5 billion Bakassi Deep Seaport to decentralise maritime economy, unlock blue growth

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President Bola Tinubu on Friday performed the groundbreaking ceremony for the multi-billion-dollar Bakassi Deep Seaport, describing the project as a ...

President Bola Tinubu on Friday performed the groundbreaking ceremony for the multi-billion-dollar Bakassi Deep Seaport, describing the project as a fiscal game-changer set to catapult Cross River State and Nigeria into a leading hub for the blue economy.

​Represented by Vice-President Kashim Shettima, the Nigerian leader stated categorically that he was not in Calabar to “cut a ribbon and dance Ekpe masquerade,” but to break ground and shatter a centuries-old jinx. The maritime gateway was initiated by the Cross River State government at a cost of $3.5 billion, backed by a loan from Afreximbank.

​The deep seaport project was initiated in 2014, with its Environmental and Social Impact Assessment (ESIA) developed in March 2015. With the backing of the Infrastructure Concession Regulatory Commission and the Federal Ministry of Transportation, the state government inaugurated hydrographic, geophysical, and geotechnical surveys through the National Hydrographic Agency.

​The Nigerian Ports Authority, the Nigerian Navy, the Nigeria Customs Service, the Ministry of Marine and Blue Economy, and the Nigerian Shippers’ Council also hold stakes in the development. Vice-President Shettima dismissed insinuations that the port would remain a pipe dream, asserting that it has become a reality.

​Addressing long-standing rumours of a port monopoly, Vice-President Shettima rejected suggestions that federal authorities or regional interests in Abuja and the South-West have deliberately suppressed seaport development in other parts of Nigeria. He maintained that his presence with a shovel in hand serves as concrete proof of his administration’s commitment to building a decentralised, resilient maritime economy.

​Emphasising national unity, he noted that Lagos is an elder brother in trade rather than a competitor. Pointing out that over 80 percent of foreign trade flows through Lagos alone, he warned that such concentration risks severe congestion, delayed goods, and rising prices across…

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