Tinubu Launches Construction of $3.5 Billion Bakassi Deep Seaport

President Bola Tinubu on Friday kicked off the construction of the $3.5 billion Bakassi Deep Seaport in Cross River State. This project has faced many delays over the years. The federal government believes it will boost Nigeria’s maritime capacity.

The ceremony took place in Bakassi, with Vice-President Kashim Shettima standing in for Mr Tinubu. The president called this project a key investment that can help diversify the economy and make Nigeria a major center for maritime trade.

The port will feature a deep seaport with a 20-metre draft and a 260-kilometre superhighway to move cargo to other parts of the country, according to Stanley Nkwocha, a senior special assistant to the president.

Mr Tinubu pointed out that the port would lessen the burden of Nigeria’s foreign trade on Lagos. He said it would also create opportunities for other coastal states.

"There is a rumour I hear in some corners. That the West, Lagos, or Abuja never wanted a port to work anywhere outside Lagos. If that were true, would I be standing here today with a shovel in my hand?" he said.

He added, "Lagos is our elder brother in trade. No country eats with one hand. No country carries all its load on one shoulder. That shoulder will break."

The president mentioned that over 80 percent of Nigeria’s foreign trade now goes through Lagos. He said this could lead to congestion, delayed shipments, and higher prices.

"This project is not against Lagos. It is for Nigeria. When Lagos is free, Nigeria breathes. When Calabar works, Nigeria walks on two legs," he stated.

Mr Tinubu shared that the idea for the port dates back to the colonial era. It was reworked in 2014, with the Environmental and Social Impact Assessment completed in March 2015. The project faced setbacks until Cross River Governor Bassey Otu revived efforts to push it forward.

The president revealed that the state secured $3.5 billion in funding from the African Export-Import Bank. They also finalized a public-private partnership in February 2025.

"Today, the Federal Government is standing fully behind it. This is beyond a Cross River dream. It is a Nigerian project," he said.

Mr Tinubu expressed that Nigeria’s blue economy could earn $44 billion each year if the country captures cargo traffic that currently goes through neighboring countries. He asked residents to support the project and shield it from political issues.

During the ceremony, Mr Otu said the project faced many political, environmental, and legal challenges before the Tinubu administration helped revive it.

"When this project was conceived by the immediate past administration in the state some years ago, its implementation was encumbered by political, environmental, and legal bottlenecks. Our hope of realizing the project was dimmed until President Tinubu took over the mantle of leadership of Nigeria," the governor said.

He noted that the president approved new marine corridors, including the Bakassi port, along with expanding and upgrading existing seaports.

According to Mr Otu, this initiative will give coastal states a greater role in the national economy by diversifying activities and boosting their revenue.

Mr Otu explained that his administration finished technical and regulatory processes to get final approval for the Bakassi project.

"We conducted an environmental impact assessment, completed hydrographic, geotechnical, and geophysical surveys. We also secured federal executive council approval for the project with a $2.27 billion initial funding," he said.

He mentioned that the project will be carried out through a public-private partnership and will encourage investment in logistics, trade, fishing, shipping, tourism, and shipbuilding.

The governor also said the state is preparing local workers for the construction and operation phases.

"While we cannot rule out the need for foreign technical expertise in the construction of the seaport, we are aware of the need to complement this with our local workers," he said.

He added that selected residents of Cross River are undergoing special training to pass on these skills to more people in the state.

The Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, stated that the port could strengthen trade links between Nigeria and landlocked countries like Chad, Niger, Mali, and Burkina Faso.

The African Export-Import Bank is also supporting the project. Its president, George Elombi, represented by Kanayo Awani, the bank’s Executive Vice-President for Intra-African Trade and Export Development, said the investment could increase port capacity and support trade under the African Continental Free Trade Area.

Mr Tinubu concluded that the port would allow larger vessels that cannot currently dock at some Nigerian ports, while the planned highway will connect cargo to markets across the country.

At the African Sub-Sovereign Governments Network Investment Conference in Calabar on Friday, Mr Shettima encouraged state governments to find their competitive advantages, prepare viable projects, and attract private investment.

He said development relies on actions at the state level, where infrastructure links producers to markets and businesses create jobs.