Tinubu Launches $3.5 Billion Bakassi Deep Seaport Project in Cross River
Nigeria has taken a major step towards expanding its maritime economy with the launch of a $3.5 billion deep seaport project in Cross River State, expected to strengthen trade and create new economic opportunities.
Abuja, Nigeria — BAKASSI, CROSS RIVER STATE, SOUTH-SOUTH NIGERIA – President Bola Ahmed Tinubu has officially launched the construction of the proposed Bakassi Deep Seaport, describing the project as a major investment that could transform Cross River State into a leading centre for maritime trade and the blue economy.
The groundbreaking ceremony, held on Friday in Bakassi, was performed on behalf of the President by Vice President Kashim Shettima.
Valued at approximately $3.5 billion, the project represents a significant milestone in Cross River State's long-standing efforts to establish a deep seaport and strengthen its position in Nigeria's maritime and commercial sectors.
Speaking through the Vice President, President Tinubu expressed confidence that the development would open new economic opportunities, attract investments and enhance Nigeria's competitiveness in international trade.
The President also rejected suggestions that political or regional interests had deliberately prevented other parts of the country from developing seaports.
He stressed the Federal Government's commitment to supporting port development across Nigeria, dismissing claims of a monopoly over the country's maritime infrastructure.
The Bakassi Deep Seaport is expected to contribute to economic diversification, improve maritime connectivity and reinforce Cross River State's potential as an important gateway for regional and international commerce.
