Cross River State Secures $3.5 Billion Funding for Bakassi Deep Seaport, A Game-Changer for Economic Growth and Development
In a landmark achievement, the Cross River State government has secured a whopping $3.5 billion funding from the African Export-Import Bank (Afreximbank) for the development of the Bakassi Deep Seaport, a project poised to revolutionize the state's economy and transform it into a major economic hub in West Africa.
The funding, which was finalized during a recent visit by Governor Bassey Otu to the Afreximbank headquarters in Cairo, Egypt, marks a significant milestone in the state's quest for economic growth and development.
The Bakassi Deep Seaport project, which was approved by the federal government in 2019, is expected to be situated on a perimeter area of about 36,000 hectares under a public-private partnership (PPP) arrangement.
The seaport, which will be constructed in phases, will have a capacity to handle large vessels and cargo ships, making it a strategic hub for international trade and commerce.
The project is expected to create thousands of jobs, both directly and indirectly, and stimulate economic growth in the state and the region.
Governor Otu, who expressed his excitement about the collaboration with Afreximbank, emphasized the importance of the project in driving economic growth and development in the state. "This is a world-class partnership that will result in positioning Cross River State economically," he said.
During his visit to Afreximbank, Governor Otu also had extensive Government-to-Business (G2B) meetings with tier 1 companies including ORASCOM Construction, ELSEWEDY Electric, and HASSAN ALLAM Holdings. These meetings paved the way for the signing of a Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects in Cross River - the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.
The agreements signed with Afreximbank and the tier 1 companies represent a major step forward in positioning Cross River State as a key player in the global economy, creating opportunities for growth and development in the region.
The signing of these agreements marks a significant milestone in the partnership between Cross River State and Afreximbank, and is expected to pave the way for further collaboration and investment opportunities in the state.
Governor Otu thanked Afreximbank and the tier 1 companies for their support and partnership, reiterating his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments. With the funding in place, the Bakassi Deep Seaport project is now set to take off, and the people of Cross River State can look forward to a brighter economic future.
The Bakassi Deep Seaport project is a testament to the vision and leadership of Governor Otu, who has been working tirelessly to attract investments and promote economic growth in the state.
The project is expected to have a significant impact on the state's economy, and will undoubtedly position Cross River State as a major economic hub in West Africa.
As the project takes off, the people of Cross River State can expect to see significant economic growth and development, with new job opportunities, increased economic activity, and improved living standards.
The Bakassi Deep Seaport project is indeed a game-changer for Cross River State, and a testament to the power of strategic partnerships and investments in driving economic growth and development.
0 Comments