President Bola Tinubu has flagged off the construction of the $3.5 billion Bakassi Deep Seaport in Cross River State as part of efforts to expand Nigeria’s maritime industry, boost international trade and create employment opportunities.
The groundbreaking ceremony took place on Friday, November 13, 2026, in Bakassi, with Vice President Kashim Shettima representing the President.
Tinubu described the project as a strategic national investment expected to open new commercial corridors, attract industries and strengthen Nigeria’s position in regional and international maritime trade.
The proposed facility will have a 20-metre draft, enabling it to accommodate larger vessels that currently bypass Nigerian ports.
It will also connect to a 260-kilometre superhighway designed to improve cargo transportation and provide access to markets across the country.
According to the President, the project will reduce pressure on existing ports, particularly in Lagos, while creating new economic opportunities for businesses and investors.
Bakassi Seaport to Reduce Pressure on Lagos Ports
Speaking through Shettima, Tinubu explained that the proposed seaport would complement existing maritime facilities rather than compete with them.
He noted that Lagos currently handles more than 80 per cent of Nigeria’s foreign trade, placing significant pressure on its port infrastructure.
The President said developing additional maritime gateways would reduce congestion, improve cargo movement and strengthen Nigeria’s competitiveness.
He also expressed concern that Nigeria had not fully utilised its extensive coastline along the Gulf of Guinea, while neighbouring countries continued to benefit from cargo traffic that could pass through Nigerian ports.
Tinubu maintained that the Bakassi project would help the country capture a greater share of regional maritime trade and improve access to international markets.
He described the project as an opportunity to diversify the economy and unlock commercial activities beyond Nigeria’s traditional port cities.
Cross River Secures Initial $2.27bn Funding Approval
Cross River State Governor Bassey Otu said the groundbreaking marked a major milestone for a project first conceived in 2014.
He explained that the initiative had faced several political, administrative, legal and environmental challenges that delayed its implementation.
According to the governor, the state has completed important preparatory work, including an Environmental Impact Assessment and hydrographic, geotechnical and geophysical surveys.
He also disclosed that the project had secured the necessary federal approvals, including a Certificate of Compliance.
Otu said the seaport would be developed through a Public-Private Partnership arrangement, with an initial funding approval of $2.27 billion.
Tinubu also referenced efforts to secure a $3.5 billion financing arrangement with the African Export-Import Bank (Afreximbank), alongside the formalisation of the project’s partnership framework in February 2025.
The two financing figures reflect different aspects of the project’s funding arrangements and should not be interpreted as confirmation that the entire $3.5 billion has been fully disbursed.
Cross River Residents to Benefit From Specialised Training
Governor Otu disclosed that selected Cross River State indigenes were already undergoing specialised training to prepare them for construction and operational roles at the proposed seaport.
He explained that the initiative would promote knowledge transfer and equip local workers with technical skills needed to support maritime activities.
The governor also revealed that hydrographic surveys conducted for the project identified inaccuracies in navigational charts dating back to 1903.
According to him, the Federal Government replaced the outdated charts on October 1, 2026, a development he said affirmed Cross River State’s littoral status.
Otu noted that the project would create opportunities for employment and skills development while encouraging greater participation by local businesses.
Bakassi Seaport to Strengthen Regional Trade
The proposed seaport is expected to provide an alternative maritime gateway for businesses operating in Nigeria’s South-South, South-East, Middle Belt and other regions.
The facility could improve access to international markets for agricultural produce, manufactured goods, minerals and other export commodities.
Improved shipping infrastructure could also help businesses reduce transportation difficulties and strengthen connections between producers, exporters and international buyers.
Otu identified the state’s proposed economic corridor, linking its airport, the seaport and the Lagos-Calabar Coastal Highway, as an important component of Cross River’s development strategy.
He explained that the integrated transportation network would facilitate cargo movement, attract private investment and encourage industrial activities.
The governor also invited investors to explore opportunities in shipping, logistics, fishing, tourism, shipbuilding and other sectors of the maritime economy.
He highlighted the state’s investment support arrangements, including a one-stop investment hub and tax incentives intended to encourage private-sector participation.
Federal Government Pledges Support for Maritime Development
Minister of Marine and Blue Economy Gboyega Oyetola described the Bakassi Deep Seaport as an important step towards unlocking Nigeria’s maritime potential.
Speaking at the ceremony, Oyetola said the proposed facility would support industrial development, create employment opportunities and improve the transportation of goods across the country.
He also highlighted reforms introduced by the Federal Government to strengthen the maritime industry.
According to the minister, revenue generated by agencies under the Ministry of Marine and Blue Economy increased from ₦700.79 billion in 2023 to ₦1.83 trillion in 2025.
Oyetola attributed the increase to improved revenue assurance measures and efforts to prevent financial leakages.
He also cited the approval of plans to modernise Nigeria’s six legacy seaports and improve port governance.
The minister said Nigeria had recorded progress in maritime security and international shipping cooperation.
He further disclosed that fish production had increased from 1.1 million tonnes to 1.4 million tonnes, citing the figure as part of wider developments in the blue economy.
Oyetola reaffirmed the ministry’s commitment to supporting the development of a modern, efficient and environmentally sustainable seaport.
He said connecting the Bakassi facility to the Lagos-Calabar Coastal Highway would strengthen its commercial potential and extend economic benefits across Cross River State and neighbouring regions.
Project Expected to Boost Nigeria’s Blue Economy
The Bakassi Deep Seaport is expected to create new opportunities in logistics, shipping, fishing, tourism, manufacturing and other maritime-related industries.
When completed and operational, the facility could support cargo transportation, improve trade connectivity and provide businesses with an alternative route to international markets.
The project is also expected to attract private-sector investment and strengthen Cross River State’s position as a maritime hub along the Gulf of Guinea.
However, the scale of its economic benefits will depend on the successful implementation of its financing, construction and operational plans.
With the groundbreaking ceremony completed, attention will now turn to the project’s development and eventual operation.
The proposed seaport represents a significant infrastructure investment that could reshape Nigeria’s maritime industry, reduce pressure on existing ports and contribute to long-term economic growth.
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