$3.5bn Bakassi Deep Seaport Can Change Cross River’s Economic Landscape — Gov Otu

Cross River State governor, Senator Bassey Otu has stated that the $3.5billion Bakassi Deep Seaport Integrated Project has the potentials to change the economic landscape of the state as well as the nation, if properly harnessed.

Governor Otu stated this during an interactive session with journalists on Tuesday in Calabar, the Cross River State capital.
He stressed that the project which is conceptualised by his predecessor, Prof. Ben Ayade, will be completed without the state entangled in any loan facility.

Otu stressed that the project, which is purely investor-driven estimated at about $3.5 billion, will add value to the economy of the state once it’s completed and kicks -off.

He emphasised that all that is required by his administration is to carry out preliminary works needed for the actual construction work to take off.

The Cross River State governor stressed that at take-off, the project will open many windows to investment opportunities that can turn around the fortunes of the state.

Otu said, “The government is not borrowing any money to fund this project; the fund will be provided by the investor through AFREXIMBANK.

“As we speak, work is going on there on a daily basis. Basically, what is being done now is the hydrographic, geophysical, and geotechnical survey for the proposed Deep Seaport Integrated Project.

“The survey is essential to ensuring the port’s structural integrity and functionality, as it will generate data crucial to the project’s design and execution.”

He stated that his administration has mapped out strategies that will transform every sector of the economy.