The Federal Executive Council (FEC) has approved three major transformative Public–Private Partnership (PPP) projects, unlocking over ₦6.43 trillion (approximately $4.29 billion) in private capital investment for the Nigerian economy.
Among the flagship approvals is the Bakassi Deep Seaport, a strategic maritime infrastructure project expected to attract about $2.27 billion in private investment.
Speaking on the approval, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Osedion Ewalefoh, described the project as a game-changer for Nigeria’s maritime and logistics ecosystem.
“The Bakassi Deep Seaport will serve as a new maritime gateway for Nigeria’s North-Central and North-East regions, while also functioning as a major logistics hub for West and Central Africa.
It is a greenfield development designed to accommodate large vessels and integrated with an industrial cluster and a Free Trade Zone. The project will create thousands of jobs and position Nigeria as a preferred maritime destination,” he stated.
The approval of the Bakassi Deep Seaport under the PPP framework underscores the Federal Government’s commitment to infrastructure-led economic growth, regional trade expansion, and private-sector-driven development.
It is also noteworthy that during his campaign tour of Cross River State, Mr. President promised to revisit the Calabar Deep Seaport project—a commitment now taking concrete shape through this strategic.
