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COVERSHIPPING & PORT SERVICES

A’Ibom Government Sources for $89billion to Build Ibom Deep Sea Port

Proposed Reforms Threatens Investments In Nigeria's FTZs

The Akwa Ibom State Government is sourcing a whooping$89 billion to build its deep seaport project situated in Ibaka, Mbo Local Government Area.

The funds are needed to execute the multi-billion naira project expected to create employment opportunities for hundreds of youth presently roaming the streets for non-existent job openings in the state.

The fund, which is being sourced from local and international investors, is expected to be spread over a 10-year period.

Chairman of Akwa Ibom Investment Corporation, Ephraim Akpan, made this known while addressing participants at the First Akwa Ibom Business Summit held recently in the state.

He revealed that about $2 billion would be required to complete the first phase of the project which would accommodate the export processing zone.

He said the present administration remained committed to the realization of the project despite its enormous cost as the project remained the gateway to the economic emancipation and industrialization of the region.

 

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