The Federal Government has approved three major transformative Public–Private Partnership (PPP) projects, unlocking over ₦6.43 trillion (approximately $4.29 billion) in private capital investment.
Among the flagship approved by the Federal Executive Council (FEC) is the Bakassi Deep Seaport valued at $2.27 billion, a strategic maritime infrastructure project in private investment for the Nigerian economy.
The approval was part of a set of strategic PPP projects recently signed off by the ICRC, including new deep seaports and hydropower plant, together attracting about $4.29 billion in private investment commitments.
Speaking on the approval, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Osedion Ewalefoh, described the project as a game-changer for Nigeria’s maritime and logistics ecosystem.
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“The Bakassi Deep Seaport will serve as a new maritime gateway for Nigeria’s North-Central and North-East regions, while also functioning as a major logistics hub for West and Central Africa.
It is a greenfield development designed to accommodate large vessels and integrated with an industrial cluster and a Free Trade Zone. The project will create thousands of jobs and position Nigeria as a preferred maritime destination,” he stated.
The approval of the Bakassi Deep Seaport under the PPP framework underscores the Federal Government’s commitment to infrastructure-led economic growth, regional trade expansion, and private-sector-driven development.
It is also noteworthy that during his campaign tour of Cross River State, Mr. President promised to revisit the Calabar Deep Seaport project—a commitment now taking concrete shape through this strategic.
Its evolution
Bakassi Deep Seaport is a project by the Cross River State Government, within Nigeria as a public-private partnership for the export of agricultural products and reduction of the congestion of other Nigerian ports.
The project is proposed to include a 217-kilometer superhighway
The Bakassi Deep Seaport project was initiated by ex-Governor Ben Ayade in 2014 and its Environmental and Social Impact Assessment (ESIA) was developed in by March 2015.
It later got approval from Infrastructure Concession Regulatory Commission and the Federal Ministry of Transportation.
In December 2024, state government inaugurated the hydrographic, geophysical, and geotechnical survey for the proposed for the project by the National Hydrographic Services Agency.[4]
In February 2025, the Cross River State Government formalized an agreement with UAE-based ARISE Integrated Industrial Platform granting the firm an 80% stake in the Bakassi Deep Seaport project. Other stakeholders of the project includes the Nigerian Ports Authority, the Nigerian Navy, the Nigeria Customs Service, the Ministry of Marine and Blue Economy, and the Nigerian Shippers’ Council.
