President Bola Ahmed Tinubu has flagged off the construction of the $3.5 billion Bakassi Deep Seaport in Ikang, Bakassi Local Government Area of Cross River State, describing the project as a strategic national investment that will boost maritime trade, attract industrial development and create jobs across Nigeria.
Tinubu, who was represented by Vice President Kashim Shettima at the groundbreaking ceremony on Friday, 13 November 2026, said the seaport marks a significant milestone in his administration’s economic diversification agenda and broader blue economy strategy.
According to the President, the project will open up new commercial corridors, ease persistent congestion at existing ports, particularly in Lagos, and strengthen Nigeria’s capacity to attract regional cargo traffic currently handled by neighbouring countries.
Describing the seaport as a “poverty breaker”, Tinubu dismissed the political obstacles that had stalled maritime development in the region for years, while urging residents to protect and support the project.
First conceived in 2014, the Bakassi Deep Seaport project gained renewed momentum under Cross River State Governor Bassey Edet Otu through a Public-Private Partnership arrangement, with $3.5 billion in financial backing from the African Export-Import Bank (Afreximbank).
Designed with a 20-metre draft to accommodate large vessels, the seaport is expected to serve as a major maritime gateway for Nigeria and the wider West and Central African region. It will also be connected to the Lagos-Calabar Coastal Highway and a proposed 260-kilometre superhighway, providing access to domestic markets and landlocked countries in the region.
Governor Otu and the Minister of Marine and Blue Economy, Adegboyega Oyetola, welcomed the groundbreaking, describing it as a major step towards unlocking Cross River State’s economic potential and strengthening Nigeria’s position in the Gulf of Guinea.
They also highlighted the importance of modern navigational surveys, which have replaced colonial-era charts, in advancing the project and supporting the development of the region’s maritime infrastructure.
Beyond expanding port capacity, the Bakassi Deep Seaport is expected to stimulate industrial growth, create employment opportunities, attract investment and position Cross River State as an emerging hub for maritime commerce and regional trade.
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