President Bola Tinubu has flagged off construction of the Bakassi Deep Seaport in Cross River State, describing it as a strategic national investment to expand maritime trade, attract industries and create jobs. Represented by Vice-President Kashim Shettima at the groundbreaking ceremony on Friday, Tinubu said the port would open new commercial corridors and strengthen Nigeria's position in regional and international trade. The facility, designed with a 20-metre draft to accommodate large vessels, will be connected to a 260-kilometre superhighway to move goods across the country. Tinubu argued the project would reduce pressure on existing ports, particularly in Lagos, which he said handles more than 80 per cent of Nigeria's foreign trade, and enable Nigeria to retain cargo currently handled by neighbouring countries.
The project was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015 before gaining renewed attention under Cross River Governor Bassey Otu. Tinubu credited the governor's efforts with advancing the initiative, including securing a $3.5bn financing arrangement with the African Export-Import Bank and formalising its Public-Private Partnership framework in February 2025. Tinubu noted that Nigeria has not fully exploited its coastline along the Gulf of Guinea while neighbouring countries benefit from cargo that could pass through Nigerian ports. Although about 90 per cent of cargo globally moves by sea, he said Nigeria handles only a fraction of regional cargo trade despite its economic size.
Governor Otu described the groundbreaking as a historic milestone, crediting the Federal Government's support with reviving a project that had faced political, administrative, legal and environmental challenges. The state has completed preparatory work including an Environmental Impact Assessment and hydrographic, geotechnical and geophysical surveys, and secured necessary federal approvals. The project will be delivered through a Public-Private Partnership arrangement with initial funding approval of $2.27bn. Otu said the port would create opportunities in logistics, trade, fishing, shipping, tourism and shipbuilding while positioning Cross River as a maritime hub in the Gulf of Guinea.
Minister of Marine and Blue Economy Gboyega Oyetola said the project would help translate Nigeria's maritime resources into investment, employment and economic growth. He reported that revenue generated by agencies under the ministry increased from N700.79bn in 2023 to N1.83tn in 2025, attributed to improved revenue assurance and efforts to curb leakages. Oyetola cited piracy elimination in Nigerian waters, approval for modernisation of six legacy seaports, improved port governance and Nigeria's election to the International Maritime Organisation's decision-making Council among sector developments. He also noted the lifting of United States Coast Guard restrictions on Nigerian-bound vessels in August 2026, the release of the Cabotage Vessel Financing Fund to shipowners and increased fish production from 1.1 million to 1.4 million tonnes.
For businesses and investors, the port promises new market access and opportunities across Cross River, the South-South region and the wider Nigerian economy through its integration with the Lagos-Calabar Coastal Highway.