iBlogTV: FG Approves $2 Billion For First Phase Of $4.6 Billion Ibom Deep Seaport

FG Approves $2 Billion For First Phase Of $4.6 Billion Ibom Deep Seaport

Dec 22, 2020

FG Approves $2 Billion For First Phase Of $4.6 Billion Ibom Deep Seaport

The Akwa Ibom State Government has disclosed that the first of of the $4.6 billion Ibom Deep Seaport  (IDSP) has been approved by the Federal Government.

The first phase would cost $2.016 billion, and construction up to the completion of the port will create 300,000 jobs in Akwa Ibom.

This was disclosed by Mr Akan Okon, the Commissioner for Economic Development and Ibom Deep Seaport, in Uyo on Saturday.

He disclosed that the FEC on December 16th granted the approval for implementation of the first phase of the  Ibom Deep Seaport Project in Akwa Ibom.

Okon said that the first phase of Ibom Deep Seaport would help address unemployment in the state, as no fewer than 300,000 youths would be actively engaged through the project.

The Commissioner said the construction of the Seaport will address the issues of rising unemployment in the State and also enable the state implement schemes for job creation and poverty alleviation.

“Akwa Ibom is industrialised because this project, when operational will solve and arrest critical problems in the state most especially the issue of unemployment and then stimulate our state economy accordingly” he said.

“The total cost of construction of the Ibom Deep Seaport is 4.6 billion dollars but the first phase of it is 2.016 billion dollars which was approved on Wednesday Dec. 16 by the Federal Government.

“The structure of Ibom Deep Seaport is billed for 60/40 per cent that is, 60 per cent for the private sector and 40 per cent will go to the public sector.

“The port will increase the revenues of both the Federal Government and Akwa Ibom,” he said.

What you should know 

• Nairametrics reported that Rep. Onofiok Luke of Akwa Ibom stated that President Buhari’s approval of the Ibom Deep Seaport project is a step closer to resolving the challenges of gridlock on the Apapa Wharf Road.

• The Ibom Deep Sea Port will be built on a stretch of 14,400ha acquired for the project.

• The Port is a Federal Government project driven by the Nigerian Port Authority & Federal Ministry of Transport, Akwa-Ibom state, with Global Maritime & Port Services PTE Limited as the transaction driver.

• The deep seaport will be for large vessels that can load over 13 thousand containers in one voyage.

Source:- Nairametrics

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