2 September 2015

Nigeria: German Firm Votes €500m for Cross River Seaport

An engineering firm in Germany, Broad Spectrum Industrial Services Ltd, has released not less than 500 million Euros as part funding for the construction of proposed deep seaport in Cross River State.

The deep seaport and 140 kilometres superhighway from Ikang near Bakassi to Obudu in the northern part of the state are Governor Ben Ayade's key projects for his first term. The ground breaking ceremonies are to be performed by President Muhammadu Buhari on September 21, 2015.

Governor Ben Ayade who did not reveal the total amount needed for the construction of the port said that three other international investors were also ready to bring in their own outlay in few weeks.

The governor said design work and other equipment required for the deep seaport construction have since been ready, and that technical experts were also on hand.

According to Ayade's chief press secretary, Mr Christian Ita who spoke for the governor, the seaport which is conceived to serve the entire land-locked north-eastern and south-eastern flanks of the country would be self-funding.

He estimated that the port shall be raking in not less than 30 dollars per year from patronage at the port going by the Memorandum of Understanding they are to sign with Chad and Niger, which are also land-locked.

Nigeria

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