CALABAR, NIGERIA— The Chairman of the Cross River State Internal Revenue Service (IRS), Dr Edwin Okon, has projected that the Bakassi Deep Seaport, once operational, will generate up to ₦40 billion per month in its early years through both direct and indirect economic activities.
Dr Okon made the announcement during a high-level sensitisation forum organised by the state government in Calabar to galvanise stakeholder support for the flagship project, which aims to reposition Cross River as a major maritime hub in Nigeria and the West African sub-region.
The forum brought together government officials, investors, business leaders, and development experts to review progress and chart the way forward.
Speaking at the event, the Special Adviser to the Governor on International Donor and Investment, Reverend Victor Edet, said the engagement formed part of the state’s “transitional transformation” philosophy. This is anchored on the proposed Vision 2050 framework, which seeks to deliver long-term prosperity and improve the quality of life for citizens.
Reverend Edet emphasised the strategic importance of the project, noting that over 80 per cent of global trade is conducted by sea. He highlighted that the proposed 18-metre-deep seaport will accommodate large vessels directly, eliminate the need for transshipment, reduce pressure on existing Nigerian ports, and strengthen trade links with neighbouring countries including Cameroon, Chad, and Niger.
The seaport will be supported by a 275-kilometre evacuation corridor integrating road and rail infrastructure to ensure seamless movement of goods. It is also expected to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA) to attract foreign direct investment and boost regional trade.
Dr Edwin Okon expressed confidence that the project would become operational within the next five years, citing approval by the Federal Executive Council and growing interest from foreign investors. He added that the state government is prepared to grant tax waivers and other incentives to attract investment.
In his remarks, the President of the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCCIMA), Dr Kelly Ayamba, described the seaport as “ambitious and transformative,” capable of redefining the state’s economic trajectory. He disclosed plans to present the project at an upcoming international trade fair in China to secure global partnerships.
Other speakers, including the Special Adviser to the Governor on General Duties, Chief Ekpenyong Akiba, University of Calabar lecturer and financial analyst Dr Joseph Nkiri, development expert Dr Bethel Ewung, and Bishop Usen Umo of the Manufacturers Association of Nigeria, highlighted the project’s potential to drive industrialisation, agro-processing, logistics, employment generation, and increased incomes for farmers.
The Bakassi Deep Seaport, estimated at $3.5 billion, has received significant boosts in recent months, including a Certificate of Compliance from the Federal Ministry of Marine and Blue Economy. Stakeholders at the forum called for collective support to ensure the timely realisation of the project and to maximise its benefits for Cross River State and Nigeria as a whole.
