Cross River Secures $3.5 Billion Funding for Bakassi Deep Seaport Project

The Cross River State government has achieved a significant milestone in its infrastructure development plans with the securing of a $3.5 billion funding package from the Pan-African multilateral financial institution, African Export-import Bank (Afreximbank).

This funding is earmarked for key infrastructure projects in the state, including the Bakassi Deep Seaport.l

Governor Bassey Otu, during his recent visit to Egypt for a workshop, engaged in discussions with Afreximbank officials, culminating in the signing of a Project Preparation Facility Agreement for the Bakassi Deep Seaport project.

This agreement underscores a strategic partnership aimed at propelling Cross River State into a position of economic prominence.

Expressing his enthusiasm for the collaboration, Governor Otu emphasized the pivotal role these projects will play in driving economic growth and attracting foreign investment.

The engagement also included fruitful Government-to-Business meetings with leading companies such as Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings.

“The signing of the Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank marks a significant step forward for Cross River State, as it seeks to realize ambitious infrastructure projects, including the Bakassi Deep Seaport and the 217km Superhighway integrated Project, along with the Obudu Cattle Ranch and Mountain Resort project,” the Governor said.

“This partnership not only underscores the commitment of Cross River State to fostering economic development but also highlights the confidence of international financial institutions in the state’s vision for growth and prosperity,” he concluded.