President Bola Ahmed Tinubu is expected to flag off the construction of the long-awaited Bakassi Deep Seaport project in Cross River State, bringing the major maritime project closer to actual construction.
The development was disclosed by Cross River State Governor, Senator Bassey Otu, who said the state has secured a $3.5 billion facility from the African Export-Import Bank (Afreximbank) to finance the project.
Governor Otu made the disclosure in Abuja on Tuesday while receiving the Governor of the Year for Economic Revitalisation Award from Blueprint Newspapers Limited.
The Bakassi Deep Seaport has been described as one of the biggest economic projects being pursued by the Cross River State Government, with expectations that it will open a new route for movement of goods, create jobs and attract businesses to the state.
For Cross River, the project is expected to change the economic importance of the state, especially by giving the state a major seaport that can support the movement of agricultural products and other goods to markets within Nigeria, West Africa and beyond.
The state government had earlier entered into a partnership with UAE-based Arise Integrated Industrial Platform (Arise IPP) for the development of the seaport. Under the agreement ratified by the State Executive Council in February 2025, Arise IPP is to hold an 80 per cent stake in the project, while the Cross River State Government retains 20 per cent.
The partnership was also structured to allow Arise IPP to meet some of its obligations, including helping to secure financing for the project.
The $3.5 billion financing arrangement with Afreximbank is therefore a major step in the effort to move the Bakassi Deep Seaport from years of planning into construction. The funding arrangement had its roots in an agreement signed between the Cross River Government and Afreximbank during Governor Otu’s visit to the bank’s headquarters in Cairo in 2024.
The seaport project is not entirely new. Successive administrations in Cross River had pushed the idea, but the project had faced several delays before the current administration renewed efforts to get it moving.
Under Governor Otu, the state government has pursued partnerships with private investors and federal agencies to address some of the issues surrounding the project.
In December 2025, the Federal Government presented the Certificate of Compliance for the Bakassi Deep Seaport to Governor Otu after the Federal Executive Council approved the project. The Minister of Marine and Blue Economy, Adegboyega Oyetola, described the seaport as a strategic national asset capable of creating jobs and expanding economic opportunities.
The project is also expected to benefit from improved maritime navigation around the Calabar and Bakassi axis. Nigeria released new electronic nautical charts in 2025 covering the maritime approaches to Calabar and the proposed Bakassi Deep Seaport, following hydrographic, geophysical and geotechnical surveys carried out in the area.
Governor Otu has consistently linked the seaport with the wider economic plans of his administration, particularly the development of agriculture, tourism, trade and infrastructure.
The governor had earlier explained that the Bakassi Deep Seaport and the proposed 217-kilometre superhighway would help improve trade and commerce, while other projects such as the redevelopment of the Obudu Mountain Resort are expected to strengthen tourism and create jobs.
For people in Cross River, particularly residents of the southern part of the state, the expectation is that the project will bring more businesses, employment opportunities and supporting infrastructure when construction begins.
The project is also expected to create opportunities for local workers and businesses that can provide services around the port. The state government had previously announced plans to train selected Cross River indigenes in port operations ahead of the project becoming operational.
With President Tinubu now expected to flag off the project, attention is shifting to the actual commencement of construction and how quickly the financing, partnership and other approvals will translate into work on the ground.
If successfully delivered, the Bakassi Deep Seaport could become a major economic gateway for Cross River and add a new dimension to the state's long-standing ambition of becoming an important trade and investment destination in the Gulf of Guinea.
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