Cross River Governor, Senator Bassey Otu, has emphasized the need for Public-Private Partnership (PPP) investment to address Nigeria’s infrastructure deficit, citing the ongoing $3.5 billion Bakassi Deep Seaport development.
Otu called for PPP intervention while speaking as one of the panelists at the 2025 Nigeria Public-Private Partnership Summit in Abuja, according to a statement shared with Nairametrics by the Infrastructure Concession Regulatory Commission(ICRC)
He maintained that the $3.5 billion Bakassi Deep Seaport development remains key to easing the pressure on existing ports across Nigeria.
Bakassi Deep Seaport Development
Governor Otu highlighted the vast potential of Public-Private Partnerships (PPPs) in addressing Nigeria’s infrastructure deficit.
- According to him, PPPs “can attract private sector investment, expertise, and efficiency to deliver critical infrastructure projects, drive economic growth, and improve the quality of life for Nigerians.”
- Speaking on the $3.5 billion Bakassi Deep Seaport, Otu stressed the need for PPP investment in the project, citing increasing port congestion and Nigeria’s aspiration to become a trans-shipment hub for sub-Saharan Africa.
“The development of the Bakassi Deep Seaport is imperative to increase port capacity in the country and ease the pressure on existing ports.
“Most of the subnationals we have today are doing their very best to key into different sectors, taking their complementary advantage into consideration,” he stated.
More Insight
- Ondo State Governor, Lucky Aiyedatiwa, on his part, listed the immense benefits of PPPs, including infrastructure development, increased efficiency, job creation, economic growth, and capacity building.
“On the Ondo Seaport, the Governor said the $1.3 billion multipurpose project would transform the state’s economy, create thousands of jobs, and attract investments, while also serving as a catalyst for industrialization and economic growth in the region,” the statement partly reads.
- He expressed the view that PPPs would increase the state’s revenue base and improve the standard of living for its citizens.
- He added that his administration recognizes the potential of Public-Private Partnerships in driving growth and addressing development challenges, with a focus on enhancing public service delivery.
He also noted the need for a few technical amendments between the ICRC and the Ministry of Marine and Blue Economy, highlighting that every state needs more than one port to address congestion, citing Lagos State, which has Apapa, Tin Can, and Lekki Deep Sea Ports.
Public-Private Partnerships for Nigeria’s infrastructure gap
The DG of the ICRC, Dr. Jobson Ewalefoh, recently stated that Nigeria urgently needs Public-Private Partnerships (PPPs) involving both local and foreign investors to address the nation’s $2.3 trillion infrastructure gap.
He made this observation on Tuesday at the Nigeria Public-Private Partnership (PPP) Summit 2025, organized by the ICRC.
The summit, themed “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda,” was attended by several Federal Ministers, officials from Afreximbank, the African Development Bank (AfDB), the Regional Director of the International Finance Corporation (IFC), among others.
What you should know
Nairametrics previously reported that the ICRC had, in September 2024, confirmed that construction of the $3.5 billion Bakassi Deep Seaport would begin in the near future, signaling a significant advancement for Nigeria’s maritime and economic infrastructure.
- Dr. Jobson Ewalefoh, Director-General of the ICRC, made this announcement at a high-level stakeholders’ meeting, where a formal statement of endorsement for the project was signed.
- The project, spearheaded under the administration of Governor Bassey Otu of Cross River State, was described as a transformative initiative that aims to enhance Nigeria’s port capacity and stimulate regional development.
Leave a Comment