President Bola Tinubu has flagged off the construction of the Bakassi Deep Seaport in Cross River State, describing the project as a strategic national investment expected to boost maritime trade, attract industrial development and create employment opportunities.
Tinubu, represented by Vice-President Kashim Shettima, spoke on Friday at the groundbreaking ceremony in Bakassi, where he said the proposed port would open new commercial corridors, expand Nigeria’s maritime capacity and strengthen the country’s position in regional and international trade.
The President said the project, first conceived in 2014, would help ease congestion at existing seaports, particularly in Lagos, while enabling Nigeria to retain more cargo currently handled by ports in neighbouring countries.
Designed with a 20-metre draft to accommodate large vessels, the proposed facility will be connected to a 260-kilometre superhighway to facilitate the transportation of goods to markets across the country.
“This is beyond a Cross River dream. It is a Nigerian project. It is a poverty breaker,” Tinubu said.
He stressed that the Bakassi Deep Seaport would complement rather than compete with Lagos, which, according to him, handles more than 80 per cent of Nigeria’s foreign trade.
“Lagos is not our enemy. Lagos is our elder brother in trade. No country eats with one hand. No country carries all its loads on one shoulder. That shoulder will break,” he said.
“When Calabar works, Nigeria works on two legs.”
Tinubu lamented that Nigeria had yet to fully exploit its extensive coastline along the Gulf of Guinea, noting that neighbouring countries continued to benefit from cargo traffic that could otherwise pass through Nigerian ports.
He added that although about 90 per cent of global cargo transportation takes place by sea, Nigeria handles only a fraction of regional maritime trade despite its economic size.
According to him, the Bakassi port would diversify Nigeria’s maritime gateways, improve access to international markets and strengthen the country’s competitiveness in regional commerce.
The President recalled that the project was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015, before receiving renewed attention under the administration of Cross River State Governor, Bassey Otu.
He credited Otu’s efforts with advancing the project, particularly the move to secure a $3.5 billion financing arrangement with the African Export-Import Bank and the formalisation of its Public-Private Partnership (PPP) framework in February 2025.
Acknowledging the economic and territorial consequences of the Bakassi Peninsula ruling, including the state’s loss of oil revenue, Tinubu urged residents to protect the project from political interference.
“The peninsula was not the end of your story, but the beginning of your next chapter,” he said.
Otu highlights project preparations, investment opportunities
In his remarks, Governor Otu described the groundbreaking ceremony as a historic milestone for Cross River State, crediting the Federal Government’s support under Tinubu with reviving a project that had faced political, administrative, legal and environmental challenges.
He said the state government had completed several preparatory activities, including an Environmental Impact Assessment and hydrographic, geotechnical and geophysical surveys, while also securing the necessary federal approvals.
Otu disclosed that the project would be executed through a Public-Private Partnership arrangement, with an initial funding approval of $2.27 billion.
According to the governor, the port would create opportunities across several sectors, including logistics, international trade, fishing, shipping, tourism and shipbuilding, while positioning Cross River as a major maritime hub in the Gulf of Guinea.
He also revealed that the surveys conducted for the project exposed shortcomings in the 1903 navigational charts, prompting the Federal Government to replace them on October 1, 2026. He described the development as an affirmation of Cross River State’s littoral status.
The governor further disclosed that selected indigenes were undergoing specialised training to prepare them for construction and operational roles, with arrangements for knowledge transfer as part of the project.
He explained that the state’s proposed economic corridor, linking its airport, the deep seaport and the Lagos-Calabar Coastal Highway, would facilitate cargo transportation, improve connectivity and attract private investment.
Otu also invited investors in maritime and related industries to explore opportunities in the state, highlighting its one-stop investment hub and available tax incentives.
Oyetola says Bakassi port will boost Nigeria’s blue economy
Also speaking, the Minister of Marine and Blue Economy, Gboyega Oyetola, said the Bakassi Deep Seaport would help transform Nigeria’s maritime resources into economic opportunities, investment and employment.
Oyetola disclosed that revenue generated by agencies under the ministry increased from ₦700.79 billion in 2023 to ₦1.83 trillion in 2025, attributing the growth to improved revenue assurance and efforts to eliminate financial leakages.
He also highlighted several developments in the maritime sector, including the elimination of piracy in Nigerian waters, approval for the modernisation of six existing seaports, improvements in port governance and Nigeria’s election to the decision-making Council of the International Maritime Organisation.
The minister further cited the lifting of United States Coast Guard restrictions on Nigerian-bound vessels in August 2026, the release of the Cabotage Vessel Financing Fund to shipowners and an increase in domestic fish production from 1.1 million to 1.4 million tonnes.
According to Oyetola, the integration of the Bakassi port with the Lagos-Calabar Coastal Highway would improve access to markets and create opportunities for businesses and industries across Cross River State, the South-South region and the wider Nigerian economy.
He reaffirmed the ministry’s commitment to supporting the development of a modern, efficient and environmentally sustainable seaport.
