…Otu hails historic breakthrough as Oyetola projects massive investments, jobs and industrial growth.
President Bola Ahmed Tinubu has officially flagged off the construction of the Bakassi Deep Seaport, describing it as a strategic national investment that will drive economic diversification, industrialisation, trade and job creation.
Represented by Vice President Senator Kashim Shettima, at the groundbreaking ceremony in Bakassi on Friday, November 13, 2026, Tinubu commended Governor Bassey Edet Otu for reviving and advancing the project, originally conceived in 2014.
The President described the seaport as a project of national importance, noting that its 20-metre draft capacity will accommodate large vessels currently bypassing Nigerian ports. Linked to the 260-kilometre superhighway, the facility will open new trade corridors, ease pressure on Lagos ports and position Nigeria to capture a greater share of regional maritime commerce.
He disclosed that efforts under Governor Otu helped overcome major institutional and financial hurdles, including the pursuit of a $3.5 billion Afreximbank financing arrangement and the formalisation of the Public-Private Partnership framework.
“This is beyond a Cross River dream. It is a Nigerian project. It is a poverty breaker,” Tinubu declared, stressing that Bakassi would complement Lagos and strengthen Nigeria’s maritime competitiveness.
Governor Bassey Otu described the groundbreaking as a historic turning point for Cross River, crediting President Tinubu’s Renewed Hope Agenda for providing the federal support that revived the project after years of political, legal, administrative and environmental challenges.
He disclosed that preparatory work, including Environmental Impact Assessment, hydrographic, geotechnical and geophysical surveys, had been completed, with federal approvals secured. The project has an initial funding approval of $2.27 billion under a PPP arrangement.
Otu said the seaport would unlock opportunities in shipping, logistics, fishing, shipbuilding, tourism and manufacturing, transforming Cross River into a major maritime and investment hub in the Gulf of Guinea.
He also highlighted the strategic economic corridor connecting the Calabar Airport, Bakassi Deep Seaport and Lagos-Calabar Coastal Highway, while disclosing that selected Cross Riverians were already undergoing specialised training for construction and operational roles.
The governor invited local and international investors to take advantage of the state’s investment-friendly environment, tax incentives and one-stop investment hub.
In his remarks, Minister of Marine and Blue Economy, Dr Gboyega Oyetola, described the project as a major step towards unlocking Nigeria’s maritime potential.
He revealed that revenue generated by agencies under the Ministry increased from ₦700.79 billion in 2023 to ₦1.83 trillion in 2025, alongside major sectoral gains, including the elimination of piracy in Nigerian waters, modernisation plans for six legacy seaports, improved port regulation and Nigeria’s election to the International Maritime Organization’s decision-making Council.
He also highlighted the lifting of US Coast Guard restrictions on Nigerian-bound vessels, the release of the Cabotage Vessel Financing Fund and an increase in fish production from 1.1 million to 1.4 million tonnes.
Oyetola pledged the Ministry’s full support for a modern, efficient and environmentally sustainable Bakassi Deep Seaport, describing it as a catalyst for investment, industrial growth and employment.
The Bakassi Deep Seaport represents more than a major infrastructure project. It is a strategic gateway to new economic opportunities for Cross River, the South-South and Nigeria, strengthening the country’s maritime capacity and positioning it for greater participation in global trade.
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