$27.2bn Escravos Seaport Awaits FG’s Validation –Official

The Chairman, Mercury Maritime Concession Company (MMCC), Rear Adm. Andrew Okoja (rtd), said the Delta Government had revalidated the approval of Escravos $27.2 billion Seaport project, while waiting for Federal Government’s validation.

Okoja, the developer and lead promoter of the Escravos Port project, made this known at a news conference in Lagos on Wednesday. He said that the Delta Government had granted approval for the revalidation of the project to the developer of the proposed $27.29 billion Escravos Industrial Complex (ESIC) project in Delta.

He said the developer had received assurance from the Federal Government that the revalidation of the earlier granted provisional approval would soon be granted. “We have received a revalidation from Delta State Government, which was communicated to us early this week.

“We are also in touch with the Ministry of Industry, Trade, and Investment, the supervisory ministry for this project, and they have assured us that the revalidation of the Federal Government would be granted before the expiration of the June deadline that the project financier gave us.

“The project will run across eight ministries, including the Ministry of Solid Minerals, the Ministry of Works, the Ministry of Marine and Blue Economy and the Ministry of Power,’’ Okoja said.

According to him, the port developer and its partners are bringing a development fund of $27.2 billion to support the present administration in its drive to attract foreign direct investments, develop the economy, and create jobs.

He called on stakeholders as well as state governments at different levels to join hands to build the Nigerian economy by creating an enabling environment for the port project to thrive for the growth of the nation’s economy.

Okoja said the developer had also secured both financial and developmental partners.

“The EDIB International of Hong Kong had expressed willingness to invest in the project as the financial partner for the port project that will be located on 31,000 hectares of land in Escravos (Gbaramatu Island/Omadino) Warri South-West Local Government Area of Delta State.

“The port project will open up Delta State and seven other states including FCT Abuja to international investors in the area of trade, commerce and industry.

“The project also involves building seven inland dry ports in Bayelsa, Imo, Delta, Edo, Kogi and Abuja, and that all the deliverables would be achieved within five years of commencing construction,” he said.

The Port Project Director of MMCC, Mr Ausbet Udebu, said the project involved one deep seaport, inland ports in seven states, such as Bayelsa (Nun river), Imo (Oguta lake), Delta (Okegbele), Edo (Inyele), Delta (Ebu), Kogi (Idah) and FCT Abuja.

Udebu said the project involved building an intermodal transport system for cargo evacuation, including 45 km of coastal roads, 150 km rail line that would connect existing Warri-Ajaokuta-Itakpe railway and 600 km marine network.

He said there would be an independent power infrastructure that involved 2,000 megawatts of Independent Power Project (IPP), two 500 megawatts of IPP in two inland ports and five 250 megawatts of IPP in five inland ports.

Udebu said that there would be a Free Trade Zone, an industrial park and a Central Business District. He explained that Anambra and Niger would have equity ownership in the ESIC project. He said the project would be executed through a Joint Venture Partnership with a Nigerian firm, Mercury Maritime Concession Company Ltd. $27.2bn Escravos Seaport Awaits FG’s Validation –Official FMBN Inaugurates Task Teams for Loan Recovery Nationwide
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