$3.5bn Bakassi Deep Seaport Can Change Cross River’s Economic Landscape — Gov Otu
Cross River State Governor, Senator Bassey Otu, has highlighted the transformative potential of the $3.5 billion Bakassi Deep Seaport Integrated Project, emphasizing that it could significantly reshape both the state’s and the nation’s economic landscape.
During an interactive session with journalists on Tuesday in Calabar, Governor Otu expressed his confidence in the project, which was conceptualized by his predecessor, Prof. Ben Ayade. He assured that the seaport would be completed without the state incurring any debt, as the project is entirely investor-driven.
The Governor noted that the project, which is estimated at $3.5 billion, will play a pivotal role in enhancing the state’s economy. He emphasized that his administration’s focus is on carrying out the necessary preliminary works to pave the way for the commencement of the construction.
Governor Otu explained that the project would open numerous investment opportunities, driving economic growth and development across various sectors in the state. He also assured that no government funds would be borrowed for the project; rather, it will be financed by investors through AFREXIMBANK.
He added that work is already ongoing at the site, with daily activities focused on hydrographic, geophysical, and geotechnical surveys. These surveys are vital for ensuring the port’s structural integrity and functionality, providing crucial data for the design and execution of the project.
In closing, Governor Otu outlined his administration’s strategies for transforming all sectors of the state’s economy, with the Bakassi Deep Seaport being a cornerstone of this vision.
