50-year concession for Ibom Deep Seaport investor, By ETIM ETIM

By ETIM ETIM

The core investor of Ibom Deep Seaport, Bollore Consortium, will operate the port for 50 years to recoup its investment, according to the approval granted by the federal government. The port is currently owned 60% by the private investor and 40% by the Akwa Ibom State government. But the state government is willing to divest more from it to allow the private sector take more preeminent stake in the multibillion dollar project. The implementation of the project is moving slowly, but steadily, and will take a few more years to complete.

At 10 kilometers wide, the port traverses two LGAs, Mbo and Ibeno, and would be the first port in Nigeria with a two-way traffic. These were some of the facts presented by the Chairman of the Ibom Deep Sea Port Technical Committee, Barr (Mrs) Mfon Usoro, to a select group of stakeholders, government officials and technical partners in Government House, Uyo this Wednesday. Her 30-slide presentation focused on the Comprehensive Feasibility Report of the port and covered a wide range of areas such as size of the project; milestones covered so far in its implementation; Ibom Industrial city and the next phase of the project.

Although I have written on this project so many times, Usoro’s presentation was deep; wide-ranging and detailed. He said that Akwa Ibom State government has achieved a lot in the implementation of the project since the federal government’s approval was obtained in 2020; and advised Akwa Ibom people to skill up themselves to take the huge business and employment opportunities inherent in the project. She however noted that such a huge project typically takes a long time to complete. The Lekki Free Zone Port in Lagos, for example, was completed in 20 years. ‘’Ibom Deep Sea Port is a federal government project, with Akwa Ibom State government as a partner and Bollore Consortium as the core investor’’, she said, confirming that the federal government is very supportive of the project. It’s even been listed in the current National Development Plan as a critical infrastructure to be facilitated by the Federal Ministry of Blue Economy.

The port is the first purpose-designed deep sea port in the country, and is being built for ultra large vessels with dead weight of over 200,000 tons, length of 400 meters and load capacity of 20,000 TEUs (one TEU is equivalent to a 20-foot container). “Employment and business opportunities in the project are so many that it is important that Akwa Ibom people begin now to obtain the various skills in the maritime industry,” she said.

Over 400,000 jobs would be created when the port goes into operation. “Ibom Deep Sea Port is a game changer. No single company or factor can do so much for Akwa Ibom people,” she said.

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Ibom Deep Sea Port occupies 2,566 hectares of land in the Ibom Industrial City (ICC) which has an area of 14,517 hectares. On the committee’s activities, Usoro says in the second quarter of this year, the Technical Committee is focusing on completing the Front End Engineering Design (FEED) of the port and engaging with the NPA (Nigeria Ports Authority) on the renewal of the draft Concession Agreement. In the third quarter, the technical committee hopes to regularize the free trade zone status of the port. The business opportunities for the port are immense as it is expected to serve the South-South and South East regions, as well as countries in the Gulf of Guinea.

Gov. Eno had opened the session with a brief remark in which he assured Akwa Ibom people that he would work hard to complete the project, but noted that “no state government can do this alone.” He said: “Our administration is just three years in office. Such projects take no fewer than 20 years to consummate. We shall implement Ibom Deep Sea Port in phases and we shall do our best to bring it to fruition….”

The governor said the briefing was necessitated by the need to give Akwa Ibom people updates on the progress made so far, and cautioned against unnecessary speculations. He then listed facilities and infrastructures his administration has built, completed or enhanced in the last three years to create a conducive business environment in the state. They include roads; airport terminal building; new aircraft for Ibom Air; maritime infrastructure in Oron and plans to revamp Ibom Power plant which had been hampered by huge debts incurred by previous administrations.

“We have paid over 50% of the N25 billion debt owed by Ibom Power and this was the reason the plant was not getting the gas it needed to stay active,” said the governor.

The presentation is the most comprehensive briefing ever presented to the public on Ibom Deep Sea Port and it’s the first time Akwa Ibom people are given such a briefing. In attendance was Gov. Umo Eno; Deputy Gov Akon Eyakenyi; Speaker Udeme Otong and SSG Enobong Uwah. Members of the state EXCO and House of Assembly were also present. Among the political class were former deputy governor Nsima Ekere; Senator Effiong Bob; former ministers Umana Okon Umana (Niger Delta Affairs) and Atuekong Don Etiebet (Petroleum Resources). There were also representatives from the federal Ministry of Finance Incorporated (MOFI) and other federal agencies. Umana; Etiebet; Bob and Enoidem (SAN) were among those who made contributions.

The Star