Tinubu Launches $3.5bn Bakassi Deep Seaport Project

On November 14, President Bola Ahmed Tinubu, represented by Vice-President Kashim Shettima, inaugurated the construction of the $3.5 billion Bakassi Deep Seaport in Cross River State. This project is intended to reduce congestion at Lagos ports, where over 80 percent of Nigeria's foreign trade currently flows, leading to delays and increased transportation costs.

Tinubu emphasized that the seaport would establish Cross River as a significant commercial and maritime hub, complement existing port facilities, and improve cargo movement. He noted that Nigeria, despite accounting for over 60 percent of West Africa's GDP, only handles 25 percent of the region's cargo traffic.

The Bakassi Deep Seaport is expected to create numerous job opportunities across various sectors, including engineering, shipping, and agriculture, facilitating better access for agricultural products to international markets. Tinubu urged stakeholders to protect the project from political interference and misinformation, highlighting the need for collective commitment to its successful implementation.