Ibom Deep seaport to begin with $2bn

The Ibom Deep Seaport project in Akwa Ibom State may begin in 2021 at a cost of $2 billion, an official has said.

The Federal Government recently approved the full business case of the deep seaport at a Federal Executive Council meeting in Abuja.

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The Akwa Ibom State Commissioner for Economic Development and Ibom Deep Seaport, Mr Akan Okon, on Sunday said constructing the first phase would cost $2.016 billion which will be funded 40 per cent by the state government while the private sector will raise the 60 per cent.

Okon also said the project will create 300,000 jobs while 3,500 companies would be operating at the port by 2023.

He said, “60% of the funding will come from the core investors, Bollore ChinaPower Consortium who are the preferred bidder. They are already managing 23 ports in Africa alone while we believe that their experience and connection will attract business and more investors to the seaport.

Okon said the state government has had several engagements with the host communities, noting that they will not be displaced since the port site is not inhabited.