Tinubu breaks ground for $3.5bn Bakassi Deep Seaport

President Bola Ahmed Tinubu on Friday broke ground for the construction of the Bakassi Deep Seaport in Cross River State, declaring that the Federal Government has come not to cut ribbon and dance, but to break a centuries-old jinx.

Tinubu represented by Vice President Kashim Shettima said the long-delayed port, once dismissed as a pipe dream, has now become a reality with concrete, steel and hope.

"I have not come to Calabar to cut a ribbon and dance ekpe masquerade. I am here to break ground and break centuries-old jinx," Shettima declared.

"Many people believe that this port will never happen. They said it will be a pipe dream. They said Bakassi will only be remembered for what we lost. Today, we answer them with a shovel, with concrete, with steel, and with hope. A renewed hope that a dream deferred can become a dream actualized."

Shettima said even if Governor Bassey Otu constructs no other project, the Bakassi Deep Seaport alone would imprint his name in gold in Nigerian history.

"If Governor Bassey Edet Otu fails to construct one single classroom, this edifice we are celebrating here will imprint his name in gold in the annals of contemporary Nigerian history. This is a legacy that generations yet unborn will celebrate, applaud, and thank him immensely," he said.

He traced the project to the colonial era, noting it was redirected in 2014, with its Environmental and Social Impact Assessment completed by March 2015.

Designed as a 20-metre draft port, one of the biggest in Africa, it is meant to berth the big vessels that currently bypass Nigeria. It is paired with a 260km superhighway as an evacuation corridor to move goods to the North, East and West.

"But like a canoe without a paddle, the idea drifted into the doldrums until His Excellency Governor Bassey Edet Otu getting new legs, securing $3.5 billion from Afreximbank, became the oxygen needed in February 2025," Shettima said.

"Today, the federal government is standing fully behind it. This is beyond a Cross River dream; it is a Nigerian project."

Dismissing rumours that Lagos or Abuja never wanted a port outside Lagos, Shettima said Lagos is not an enemy but an elder brother in trade.

"There is a rumor in some quarters 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 asked.

"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 lamented that over 80% of Nigeria's foreign trade flows through Lagos alone, causing congestion, delays and rising prices in Calabar, Onitsha and Makurdi.

"When Lagos is free, Nigeria breathes. And when Calabar walks, Nigeria walks on two legs," he said.

Shettima said Nigeria, with 853 kilometres of coastline along the Gulf of Guinea and over 200 nautical miles of exclusive economic zone, controls over 60% of West Africa's GDP but handles only 25% of regional cargo trade.

"Truth is, our neighbours are eating the food from our own pot," he said.

He put Nigeria's blue economy potential at $44 billion, about N70 trillion annually, noting that global marine trade is worth $2.7 trillion to $3 trillion annually and supports over 350 million jobs.

He said the Tinubu administration generated N1.83 trillion from the sector in 2025, a 160% increase from N700 billion in 2023.

"My people, the sea is no longer just water to look at; it is wealth to have. And this is the heart of the Renewed Hope Agenda. Our goal is to build a $1 trillion economy by 2030, with growth of at least 7% by 2027," he said.

The port, he said, will create jobs for dock workers, crane operators, truck drivers, welders, engineers, customs officers, hoteliers and market women.

He added that Cross River will no longer be a cul-de-sac, as cocoa from Ikom, rice from Ogoja, timber, solid minerals and goods from the industrial park will find their way to the world through Bakassi.

"Calabar will become again what it was: a city of merchants, of ships, of culture, of carnival, and now of commerce."

In an emotional tribute to the people of Bakassi, Shettima said though they lost the Peninsula to the International Court of Justice ruling, lost oil wells, revenue and hope, they did not lose their character, hospitality and resilience.

"Bakassi Peninsula was not the end of your story, but the beginning of your next chapter. The same water that took something from you will now bring something back. The Atlantic that people feared will now feed your children," he said.

"Please stand with this project. Protect it from politics and rumour."

"And on election day, some 60 days from now, remember who stands by you. Who stands with you and who stands for you. Not just with words, but with a shovel," he said.

"Do not forget the president who came to break ground and plant the seed of change from a civil service economy to a fast-paced marine-backed blue economy. Vote for continuity. Vote for Renewed Hope."

He thanked President Tinubu for what he described as vision, leadership and political will at its best, saying the event was beyond politics.

"This is beyond politics. This is clearly governance and political will at its best," he said.

Speaking at the ceremony, Cross River State Governor Senator Bassey Otu said the Federal Government's presence at the groundbreaking was assurance that Bakassi's cries are over and Bakassi is ready to rise.

He described the Bakassi Deep Seaport groundbreaking as a milestone achieved through President Tinubu's Renewed Hope agenda, after the project was stalled for years by political, administrative, legal and environmental bottlenecks.

Otu said Tinubu approved new marine corridors and additional seaports, giving coastal states a sense of belonging, and guided Cross River through to certificate of compliance and final approval.

He recalled Calabar's history as home to one of Nigeria's oldest seaports, dating to the 15th century, and said Bakassi Deep Seaport only accentuates the state's long-standing littoral status.

He said his administration followed a methodical process, completing the EIA and hydrographic, geotechnical and geophysical surveys, and securing FEC approval with $2.27bn initial funding under a PPP model.

Otu said the port will be a game-changer for logistics, trade, fishing, shipping, tourism and shipbuilding, making Cross River a maritime hub in the Gulf of Guinea.

He disclosed that the surveys, presented in July 2025, qualified Cross River for the global Seabed 2030 project and exposed flaws in the British colonial 1903 charts, which the Federal Government officially retired on October 1, 2026, finally settling the debate on the state's littoral status.

He said Cross Riverians are already being trained for construction and operation roles, and that with the airport, seaport and Lagos-Calabar Coastal Highway, the state is now a trade hub and business heaven for investors, with incentives like a one-stop investment hub and tax waivers.

Otu lamented that Nigeria receives only 20-25% of its destined cargoes directly, losing 80% to transhipment, and that Apapa remains the biggest port since 1960, unlike Brazil with 30 ports, showing how far Nigeria has lagged in blue economy investment

In his goodwill message, the Minister of Marine and Blue Economy. Dr. Adegboyega Oyetola said President Tinubu has in three years repositioned Nigeria's marine and blue economy like never before.

He cited the approval of Nigeria's first-ever National Policy on Marine and Blue Economy as a landmark achievement since the ministry was created in 2023.

The minister said revenue from agencies under the ministry rose from N700.79bn in 2023 to N1.83trn in 2025 through blocked leakages and improved assurance, piracy was eliminated, six legacy seaports were mobilised, and port governance was strengthened with the Nigerian Port Economic Regulatory Agency Act.

He said Nigeria returned to the IMO decision-making council after almost 20 years, the US Coast Guard lifted its 2014 restriction on Nigerian vessels in August 2026, the Cabotage Vessel Financing Fund was approved for Nigerian shipowners, and fish production rose from 1.1m to 1.4m metric tons yearly.

Oyetola said Bakassi Deep Seaport, integrated with the Lagos-Calabar Coastal Highway, will stimulate industrialisation, attract investment, create jobs and expand opportunities for Cross River, the South-South and Nigeria.

He commended Cross River State and stakeholders, pledged the ministry's commitment to delivering a modern, efficient and sustainable port, and said stakeholders support Tinubu's re-election to consolidate the gains

Also speaking, the president of Afreximbank, Dr.George Elombi represented by Executive Vice President Kanayo Awani, described the Bakassi Deep Seaport groundbreaking as a major step for Cross River, Nigeria, Africa, regional trade and AfCFTA.

Afreximbank says the $3.5bn Bakassi Deep Seaport moves from planning to execution and will boost Nigeria's eastern maritime corridor, expand port capacity, and drive trade under AfCFTA.

The bank, which funded the studies and is lead arranger and financial adviser for the PPP, says the port will improve connectivity, support agriculture, manufacturing and exports, and must be backed by the Superhighway, free trade zones, customs, energy and logistics.

It promises local jobs, skills and business participation, stresses safeguards, transparency and disciplined execution, and says success will be measured by trade, jobs and industries created, not just infrastructure built.

Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, said President Tinubu has in three years repositioned Nigeria's marine and blue economy like never before.

Speaking at the Bakassi Deep Seaport groundbreaking in Calabar, he said the event opens a new chapter in maritime development, diversification and regional competitiveness under the Renewed Hope agenda.

He cited the approval of Nigeria's first-ever National Policy on Marine and Blue Economy as a landmark achievement since the ministry was created in 2023.

He said revenue from agencies under the ministry rose from N700.79bn in 2023 to N1.83trn in 2025 through blocked leakages and improved assurance, piracy was eliminated, six legacy seaports were mobilised, and port governance was strengthened with the Nigerian Port Economic Regulatory Agency Act.

He said Nigeria returned to the IMO decision-making council after almost 20 years, the US Coast Guard lifted its 2014 restriction on Nigerian vessels in August 2026, the Cabotage Vessel Financing Fund was approved for Nigerian shipowners, and fish production rose from 1.1m to 1.4m metric tons yearly.

He said Bakassi Deep Seaport, integrated with the Lagos-Calabar Coastal Highway, will stimulate industrialisation, attract investment, create jobs and expand opportunities for Cross River, the South-South and Nigeria.

He commended Cross River State and stakeholders, pledged the ministry's commitment to delivering a modern, efficient and sustainable port, and said stakeholders support Tinubu's re-election to consolidate the gains.