Tinubu Begins $3.5bn Bakassi Seaport, to Break Lagos Monopoly

President Bola Tinubu on Friday performed the groundbreaking of the $3.5 billion Bakassi Deep Seaport in Cross River State, describing the project as a defining milestone in Nigeria’s economic diversification.

Tinubu, represented by Vice-President Kashim Shettima, said the port would open new commercial corridors, stimulate industrialisation and create jobs.

He credited Cross River Governor Bassey Edet Otu and the people of the state for sustaining the vision.

The President recalled that the project was conceived in 2014, with an Environmental and Social Impact Assessment developed in March 2015.

He said the initiative received renewed impetus under Otu after years of institutional and financial obstacles.

Designed as a 20-metre-draft facility, the port is expected to accommodate large vessels that currently bypass Nigerian ports.

It is also linked to a 260-kilometre superhighway to move cargo to markets across the country.

Tinubu said the project was advanced by a $3.5 billion African Export-Import Bank financing arrangement and a public-private partnership framework formalised in February 2025.

“This is beyond a Cross River dream. It is a Nigerian project. It is a poverty breaker,” he declared.

Tinubu Dismisses Rumours of South-West Opposition

The President used the occasion to dismiss claims that political interests in the South-West and Abuja had opposed the establishment of a seaport outside Lagos.

“There is a rumour I hear in some corners. That the West, Lagos, or Abuja never wanted a port to work anywhere outside Lagos. If that were true, would I be standing here today with a shovel in my hand?” he said.

Tinubu said the Bakassi port was not intended to undermine Lagos, describing the commercial centre as a partner in national growth.

“Lagos is not our enemy. Lagos is our elder brother in trade. No country eats with one hand. No country carries all its loads on one shoulder. That shoulder will break,” he said.

He noted that more than 80% of Nigeria’s foreign trade passes through Lagos, contributing to congestion, shipping delays and higher prices in other parts of the country.

A second major maritime gateway, he argued, would strengthen the national economy.

“When Calabar works, Nigeria works on two legs,” he said.

The President said Nigeria had not fully exploited its Gulf of Guinea coastline while neighbouring countries benefited from trade Nigerian ports could attract.

He observed that roughly 90% of cargo moves by sea, yet Nigeria handles only a fraction of regional cargo trade despite its economic weight in West Africa.

Tinubu projected that Nigeria could earn $44 billion annually from its blue economy by attracting regional cargo traffic currently handled by neighbouring countries.

Cross River’s Losses and a New Chapter

The President acknowledged the territorial and economic losses Cross River suffered following the Bakassi peninsula ruling and the loss of oil revenue.

He said the setbacks had not diminished the courage, hospitality or resilience of the people.

“The peninsula was not the end of your story, but the beginning of your next chapter,” he declared.

Tinubu asked residents to protect the project from political interference and to regard it as an inheritance for future generations.

Cross River Governor Bassey Otu said the project had faced political, administrative, legal and environmental obstacles before the current administration secured the necessary federal approvals.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, described the port as an important development for Nigeria’s maritime sector and economic diversification.

The Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, said the facility could strengthen trade with landlocked countries, including Chad, Niger, Mali and Burkina Faso.

The project is expected to reshape Nigeria’s maritime logistics over the coming decade, easing pressure on Lagos ports and opening the South-South to new industrial investment.