‘Bakassi Deep Seaport To Boost Nigeria’s Foreign Exchange Earnings’

The minister of Marine and Blue Economy, Adegboyega Oyetola, over the weekend, said the Bakassi Deep Seaport Integrated Project will boost Nigeria’s foreign exchange earnings.

The endorsement came from the Minister of Marine and Blue Economy, Adegboyega Oyetola, during a stakeholders’ engagement meeting organised by the Cross River State Government in Calabar, a statement at the weekend by the minister’s spokesman, Ismail Omipidan, indicated.

Oyetola, who was represented by permanent secretary of the ministry, Olufemi Oloruntola, said the federal government has thrown its full support behind the Bakassi Deep Seaport as it would transform Nigeria’s maritime sector and boost the nation’s economy.

Oyetola also noted that the deep seaport was poised to be Nigeria’s first agro-value chain-based deep seaport saying it will serve as the evacuation corridor to northern Nigeria.

The project, which includes a 217-kilometre superhighway, the statement noted, is expected to facilitate the export of key agricultural products such as rubber, timber, cocoa, palm oil, and livestock.
This, according to the minister, would enhance Nigeria’s competitive edge in the global market while significantly boosting foreign exchange earnings.

“The Bakassi Deep Seaport is not just an infrastructure project; it is a symbol of our commitment to sustainable practices and economic diversification,” Oyetola stated.

He praised the Cross River State Government’s adoption of the Public-Private Partnership (PPP) model, which he described as a sustainable approach to funding, managing, and enhancing maritime infrastructure. This model, he noted, would ensure the port’s competitiveness and attractiveness to both local and international stakeholders from the onset.

The minister further highlighted the alignment of the project with the federal government’s Renewed Hope Agenda under President Bola Ahmed Tinubu’s administration. The establishment of the Federal Ministry of Marine and Blue Economy, he explained, is a strategic move to tap into the vast opportunities within Nigeria’s maritime sector and to support indigenous businesses in bridging infrastructural gaps.

Oyetola expressed confidence that the Bakassi Deep Seaport will contribute significantly to Nigeria’s socio-economic development through job creation, trade facilitation, and increased revenue generation. He urged all stakeholders to seize the opportunities presented by the project and to continue supporting the growth of Nigeria’s maritime sector.

As Nigeria continues to modernise its ports and deliver new ones, the Bakassi Deep Seaport stands out as a pivotal project that could position the nation as a leading maritime power. The Federal Government’s endorsement is a clear signal of its commitment to the success of this ambitious initiative, which is expected to drive the nation towards greater prosperity.

The government and people of Cross River State have been commended for their vision and determination to see this project through. The Federal Ministry of Marine and Blue Economy stands ready to support the successful realisation of the Bakassi Deep Seaport, a project that promises to be a game-changer for Nigeria’s maritime future.