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Home»Business/Economy/Banking & Finance»How we secured $3.5bn for Bakassi Deep Seaport, others – Cross River govt
Business/Economy/Banking & Finance

How we secured $3.5bn for Bakassi Deep Seaport, others – Cross River govt

NewsdeskBy NewsdeskDecember 12, 2025Updated:December 12, 2025No Comments5 Mins Read
Picture caption: L-R: From front row: Secretary to the State Government of Cross River, Prof. Owan Enoh (8th), Deputy Governor, Dr. Peter Odey (9th), Special Adviser to the Governor on Blue Economy, Melody Lebo (10th) and other participants at the flagging of the World Bank–supported upskilling programme, in Calabar, recently.
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…Flags off World Bank-backed maritime programme

Governor Bassey Otu of Cross River State has reaffirmed his administration’s commitment to positioning the state as a major force in Nigeria’s emerging blue economy as he formally launched a World Bank–supported upskilling programme designed to equip citizens with modern, globally relevant competencies for the maritime sector.

Speaking at the opening ceremony held at the State Library Complex in Calabar, Governor Otu who was represented by his deputy, Dr. Peter Odey, described the programme as “a landmark opportunity for our young people to acquire the advanced technical skills needed to unlock the vast marine resources of Cross River State.” He maintained that Cross River, blessed with one of Nigeria’s longest coastlines, remains uniquely positioned to benefit from the new national emphasis on the blue economy.

According to him, “this initiative reflects our administration’s unyielding commitment to transforming our water-based assets into engines of economic growth, job creation and sustainable development. The time has come for Cross River to take its rightful place in the maritime sector.”

The governor highlighted the impressive contributions of Nigeria’s maritime and marine economy to national prosperity, pointing out that the sector added ₦113.5 trillion to the country’s GDP in the third quarter of 2025. He referenced projections by the Nigerian Maritime Administration and Safety Agency (NIMASA) estimating that the nation’s blue economy potential could exceed $296 billion. “With figures like these,” he said, “we cannot afford to stand on the sidelines. Cross River must lead from the front.”

Governor Otu reaffirmed the government’s resolve to actualise major maritime infrastructure, especially the Bakassi Deep Seaport. He disclosed that a $3.5 billion investment has already been secured for the project, adding that it is awaiting presidential approval for formal groundbreaking. “We are ready,” he assured partners, “and we will continue to work closely with the World Bank and the Federal Ministry of Marine and Blue Economy to ensure our waterways, ports, fisheries and logistics platforms deliver maximum economic impact.”

The event which attracted representatives of the Federal Ministry of Marine and Blue Economy, the World Bank, the University of Calabar and stakeholders across the maritime value chain, underscored the collaborative nature of the initiative.

Earlier, the Senior Special Adviser to the President on Marine and Blue Economy, Prof. Busayo Fakinlede, commended Cross River State for consistently supporting national efforts to develop a sustainable marine and blue economy. “Cross River has always been a strategic leader,” he said. “Its rich biodiversity and coastal heritage place it at the heart of Nigeria’s blue economy ambitions.”

Prof. Fakinlede stressed that the initiative aligns with President Bola Tinubu’s priorities on food security, youth empowerment, economic diversification and responsible utilisation of marine resources. With a touch of humour, he remarked that Cross River State “should be regarded as the fish basket of the nation,” citing its outstanding fisheries output among Nigeria’s coastal states.

On her part, the World Bank Team Lead, Morales Yolanda, emphasised that developing the blue economy was essential to unlocking economic opportunities across coastal regions and the nation at large. “The World Bank stands ready to collaborate closely with federal and state governments,” she said. “We will mobilise funding, technical expertise and strategic partnerships to ensure the success of this programme.”

A special technical presentation by the Dean of the Faculty of Oceanography, University of Calabar, Prof. Francis Nwosu, entitled: “Unlocking the Potential of a Sustainable Blue Economy for Nigeria: Cross River State in Focus,” offered participants deeper insights into the state’s unique economic and ecological advantages.

Speaking on the sidelines of the workshop, the Special Adviser to the Governor on Blue Economy, Miss Melodie Lebo, explained that the programme will equip participants with 21st-century skills aligned with international standards. She described the blue economy as “the sustainable use of our marine and water resources for the development of our people,” noting that it spans shipping, marine logistics, fisheries, port operations, climate change, aquaculture and coastal tourism.

According to her, participants stand to benefit greatly from the training. “They will form the skilled workforce needed for the maritime sector,” she said. “The archaic way of doing things is gone; we are aligning with global standards. After the training, they will be fully equipped with modern competencies.”

She added that the programme opens doors to job opportunities, internships and collaborations with the World Bank, stressing that this is only the first phase of a multi-stage intervention designed to deepen capacity across the state. Lebo also disclosed that certificates issued at the end of the training will be internationally recognised. “This is a globally benchmarked programme,” she said. “Our partnership with the World Bank and the Federal Ministry of Marine and Blue Economy guarantees that participants will receive credentials accepted anywhere in the world.”

Lebo further underscored the strong involvement of the Federal Government, pointing to the presence of senior officials at the launch, including the SSA to the President on Marine and Blue Economy. “The Federal Government is fully involved,” she emphasised. “This programme signals the beginning of a more coordinated and transformative pathway for marine and blue economy development in Cross River State.”

Bassey Otu Cross River state
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