The Cross River State Government has projected massive economic gains from the proposed Bakassi Deep Seaport, with estimates indicating the state could generate up to ₦40 billion monthly once the project becomes operational.
Chairman of the Cross River State Internal Revenue Service, Edwin Okon, made this known during a high-level stakeholders’ engagement in Calabar, where discussions centred on advancing the seaport project and attracting investor support.
According to him, the projected revenue will come from a combination of direct port operations and wider economic activities expected to spring up around the facility.
The Bakassi Deep Seaport is being positioned as a major maritime hub that will not only serve Cross River but also neighbouring countries such as Cameroon, Chad, and Niger, boosting regional trade and logistics.
Government officials at the forum highlighted the strategic importance of the project, noting that global trade is largely driven by maritime routes, making the seaport a key investment for long-term economic growth.
The port, designed with a depth capable of receiving large vessels, is expected to eliminate the need for transshipment, reduce pressure on existing Nigerian ports, and improve trade efficiency across the region.
Beyond revenue generation, stakeholders emphasised that the project would drive industrialisation, create jobs, enhance agro-processing, and increase income opportunities for farmers and businesses within the state.
With an estimated cost of about $3.5 billion, the Bakassi Deep Seaport project has continued to attract interest from both local and international investors, as the state government intensifies efforts to bring the vision to reality.
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