FG projects $7.2bn expenditure on two deep seaport projects

• Published On: 01 August 2024 at 17:07

The federal government will need to invest approximately $7.2 billion to develop two designated deep seaports throughout the country.

The projects include Ibom and Badagry Deep Seaports, according to The Punch.

The federal government awarded $2.016 billion for the first phase of the $4.6 billion Ibom Deep Seaport, according to the Akwa Ibom State Government in December 2020.

Akan Okon, the then Akwa-Ibom State Commissioner for Economic Development and IDSP, made the announcement in Uyo.

He claimed that on December 16, 2020, the Federal Executive Council approved the first phase of the IDSP's implementation.

He also stated that the port would alleviate Akwa Ibom's unemployment issues and allow the state to implement programs targeted at decreasing poverty and creating jobs.

According to Okon, the project is expected to produce at least 300,000 jobs in Akwa Ibom when it is done.

"Akwa Ibom is industrialised because, once operational, this project will fix and arrest important problems in the state, particularly unemployment, and will invigorate our state economy correspondingly. The total cost of building the Ibom Deep Seaport is $4.6 billion, but the first phase was approved by the Federal Government on Wednesday, December 16, for $2.016 billion," Okon stated.

The Governor of Lagos State, Babajide Sanwo-Olu, announced on March 1, 2022, that the $2.59 billion Badagry Deep Seaport project, which is expected to be one of Africa's largest, would begin operations in June.

Sanwo-Olu stated this during a meeting with stakeholders for the Badagry Deep Seaport and Free Zone Project.

According to Sanwo-Olu, the Badagry Deep Seaport Project is more than just one project; it is a multi-level opportunity for progress for all of the state's people, given the volume of trade and investment opportunities that will emerge in the area once the project is completed and operational.

"Most importantly, employment and capacity building for the teeming youth and women in the affected communities will be prioritised." When fully operational, it will not only benefit the people of Badagry, but will also revolutionise our state's and the West African sub-region's economies," he stated.

Meanwhile, stakeholders have expressed concern with the lack of development, citing the enormous ramifications of such incomplete projects.

Captain Tajudeen Alao, President of the National Association of Master Mariners, stated that the country needed smart ports rather than several deep seaports.

He stated that the country need a few deep seaports as well as the usage of feeder vessels to reach additional ports.

"What much of import and export are we planning for? "We need to reconsider so that we don't have redundant ports like Sapele, Koko, and Calabar," he explained.