President Bola Ahmed Tinubu has described the $3.5 billion Bakassi Deep Seaport project as a major breakthrough in Nigeria’s maritime development, expressing confidence that it will end decades of delays and strengthen the country’s blue economy.

Vice President Kashim Shettima disclosed this in a statement following his representation of the President at the groundbreaking ceremony held in Bakassi, Cross River State, on Friday.

Tinubu said the project would position Cross River State and Nigeria as major destinations for investment in the maritime sector while creating opportunities for economic growth.

Addressing the gathering through Shettima, the President explained that his administration was committed to moving the long-awaited project beyond promises and ceremonial activities into actual construction.

He said he had not come to Calabar merely for a ceremonial occasion but to formally begin a project that had remained stalled for decades.

Tinubu stated that he was in Calabar to break ground and overcome what he described as a centuries-old obstacle to the development of the port.

He noted that many people had previously considered the project unrealistic, believing that the proposed seaport would never become a reality.

The President also rejected suggestions that political and commercial interests within the Federal Government, Lagos or the South-West had deliberately prevented the establishment of functional seaports in other parts of the country.

He maintained that developing additional maritime facilities across Nigeria would complement Lagos rather than undermine its commercial importance.

According to him, concentrating more than 80 per cent of Nigeria’s foreign trade through Lagos creates pressure on existing port infrastructure, resulting in congestion, shipping delays and increased transportation costs.

He argued that expanding the country’s maritime network would improve trade efficiency and reduce logistical challenges affecting businesses and consumers.

Tinubu explained that the Bakassi Deep Seaport was initially conceived during the colonial era before being redesigned in 2014. Its Environmental and Social Impact Assessment was completed in March 2015.

The proposed facility will have a 20-metre draft, allowing it to accommodate large vessels, while a 260-kilometre superhighway is expected to serve as a major cargo evacuation route connecting the port to markets across the country.

He credited Cross River State Governor, Bassey Otu, with reviving the project and securing the financial and institutional support needed to advance its implementation.

The President disclosed that $3.5 billion in financing was secured from the African Export-Import Bank (Afreximbank), while the state formalised a Public-Private Partnership arrangement in February 2025.

Tinubu described the development as a national project capable of generating employment, attracting investment and improving Nigeria’s position in regional maritime trade.

He further projected that Nigeria could generate as much as $44 billion annually from the blue economy by attracting cargo traffic currently handled by neighbouring countries.

Earlier, Cross River State Governor, Bassey Otu, described the groundbreaking ceremony as a major milestone in the state’s development journey.

Otu said the project had encountered several political, administrative, legal and environmental challenges over the years, creating uncertainty about its eventual implementation.

He appreciated Tinubu for supporting the state in securing the necessary approvals, including the Certificate of Compliance and final Federal Government authorisation.

The governor also encouraged investors in shipping, logistics and other maritime-related businesses to explore the opportunities expected to emerge from the project.

Similarly, the Minister of Marine and Blue Economy, Adegboyega Oyetola, described the development as an important step towards expanding Nigeria’s maritime infrastructure, diversifying the economy and strengthening regional competitiveness.

The Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, said the proposed seaport would improve trade connections between Nigeria and landlocked countries, including Chad, Niger, Mali and Burkina Faso.

He explained that the facility could strengthen Nigeria’s position as a regional logistics and transit hub.

Also speaking, Afreximbank President, George Elombi, represented by the bank’s Executive Vice-President for Intra-African Trade and Export Development, Kanayo Awani, said the project would expand cargo-handling capacity and strengthen maritime connections across West and Central Africa.

Meanwhile, Vice President Kashim Shettima urged state and local governments across Africa to identify their economic strengths, develop investment-ready projects and establish partnerships capable of attracting private-sector funding.

Shettima made the appeal during the sixth African Sub-Sovereign Governments Network Investment Conference 2026 in Calabar, where he emphasised the importance of translating national development policies into tangible economic opportunities at the grassroots level.

He said states and local governments must become active economic players by investing in infrastructure, supporting businesses, creating employment and improving access to regional and international markets.

The Bakassi Deep Seaport project is expected to strengthen Nigeria’s maritime capacity, improve regional trade and attract investments to Cross River State upon completion.