President Bola Tinubu has flagged off the construction of the $3.5 billion Bakassi Deep Seaport in Cross River State, describing the project as a major economic intervention that would strengthen Nigeria’s maritime sector.
Tinubu, who was represented by Vice-President Kashim Shettima at the groundbreaking ceremony in Bakassi on Friday, said the project would end decades of setbacks and position Cross River as a major commercial and maritime centre.
“I have not come to Calabar to cut a ribbon and dance Ekpe Masquerade. I am here to break ground and break centuries-old jinx,” the president said.
He said the seaport, alongside the proposed superhighway, would create an important transportation corridor connecting the South-South region with other parts of the country.
According to him, Nigeria’s dependence on Lagos ports for more than 80 per cent of its foreign trade has contributed to congestion, shipping delays and increased transportation costs.
“Lagos is not our enemy. Lagos is our elder brother in faith. No country eats with one hand. No country carries all its load on one shoulder.
“When over 80 per cent of our foreign trade flows through Lagos, and Lagos alone, that is not strength. That is congestion,” he said.
Tinubu said the Bakassi port would complement existing maritime facilities, facilitate cargo movement and improve Nigeria’s competitiveness in international trade.
He noted that although Nigeria accounts for over 60 per cent of West Africa’s Gross Domestic Product (GDP), it handles only 25 per cent of the region’s cargo traffic.
The president also highlighted the potential of the country’s blue economy, saying it could generate up to $44 billion annually.
“The sea is no longer just water to look at. It is wealth to harvest,” he said.
He added that the project would create employment for professionals and skilled workers, including engineers, crane operators, truck drivers, welders, customs officers, artisans and traders.
Tinubu further said the port would provide better access to international markets for agricultural produce such as cocoa from Ikom and rice from Ogoja, as well as timber and solid minerals.
He called on residents of Cross River to protect the project against political interference and misinformation.
Earlier, Governor Bassey Otu described the groundbreaking as a significant step towards establishing Cross River as a major destination for maritime trade and investment.
Otu said the project, which was initiated during the administration of former Governor Ben Ayade, encountered several political, administrative, legal and environmental challenges.
He appreciated Tinubu for supporting the initiative and securing the necessary Federal Government approvals for its implementation.
The governor disclosed that the state had completed environmental impact assessments, hydrographic, geotechnical and geophysical surveys, while the project had also received technical approval from the Federal Executive Council.
He said the seaport would be executed through a Public-Private Partnership (PPP) arrangement, with an initial funding commitment of N2.27 billion.
Otu also disclosed that the Federal Government had, on October 1, 2026, officially retired colonial-era navigational charts dating back to 1903 following the adoption of modern scientific survey reports.
He said the development provided a more credible scientific basis for determining Cross River’s maritime status and navigational boundaries.
According to the governor, the seaport, proposed airport expansion and Lagos-Calabar Coastal Highway would serve as three major economic gateways for the state.
He said the infrastructure would attract investments in shipping, logistics, fishing, tourism, shipbuilding and other maritime-related businesses.
Otu added that some Cross River indigenes were undergoing specialised training to prepare them for the construction and eventual operation of the facility.
Also speaking, the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), George Elombi, pledged the bank’s support for the development of an economic corridor around the seaport.
Elombi, represented by the bank’s Executive Vice-President for Intra-African Trade, Kanayo Awani, said the facility would accommodate larger vessels, reduce cargo transportation costs and improve the competitiveness of African agricultural and manufactured products.
He, however, stressed the need for complementary infrastructure, including transport networks, industrial and agro-processing zones, reliable electricity, water supply and digital connectivity.
The ceremony attracted government officials, maritime industry stakeholders, development finance institutions, traditional rulers and other dignitaries.
The Bakassi Deep Seaport project was conceived under the administration of former Governor Ben Ayade, who pursued its development from 2015.
