Nigeria’s Cross River State held a Nov. 13 groundbreaking for the proposed Bakassi Deep Seaport, a planned cargo gateway linked by state officials to an inland highway and broader trade routes.
The state’s PPP portal lists the project value at $3.5 billion. In its ceremony account, Cross River cited $2.27 billion in initial funding approval and said efforts to arrange $3.5 billion in financing with the African Export-Import Bank (Afreximbank) were continuing.
Vice President Kashim Shettima represented President Bola Ahmed Tinubu at the event, the state government said. Cross River says the port’s planned 20-meter draft is intended to accommodate ships that currently skip Nigerian port calls. The state also presents a proposed superhighway as a link between the port and inland cargo markets.
Tinubu made the case for a broader trade network by pointing to Lagos, which he said handles more than 80% of Nigeria’s foreign trade. He linked that concentration to congestion and higher costs, and called Lagos “our elder brother in trade.”
In February 2025, Cross River’s Executive Council ratified a shareholders’ agreement under which Arise IPP Ltd. was to acquire an 80% stake in the project company; the state was to retain 20%. Cross River Gov. Bassey Edet Otu named logistics, fishing, tourism, trade, shipping and shipbuilding as areas that could benefit. The state says selected residents are receiving training for construction and port-operation work.
The financing accounts describe separate milestones. In September 2024, the Infrastructure Concession Regulatory Commission said $3.5 billion in funding had been secured from Afreximbank. Cross River’s Investment Promotion Bureau described 2024 agreements with the bank as project-preparation and financial-advisory arrangements, and identified Afreximbank as mandated lead arranger. The more recent ceremony account cited initial approval of $2.27 billion and said work toward the $3.5 billion financing arrangement was ongoing.
Tinubu recalled that the port plan dates to 2014 and said an environmental and social impact assessment was developed in March 2015.
