N20.9trn Escravos seaport to become operational in 2025
Nigeria has a coastline that presents opportunities for It to become the gateways for trade between the hinterlands and global trading routes in the West Africa subregion. However, successive governments have struggled to translate this potential into engines of economic development and social transformation.
Recently, the Federal Government, through the Nigerian Ports Authority (NPA), has taken advantage of its strategic geographical location as a nation which owns two-third of the entire Gulf of Guinea, to float deep seaports.
With the coming of Lekki Deep Seaport in the last quarter of 2022 and the coming into mainstream of the Escravos Seaport in 2025, Nigeria edges closer to being the top in the Sub-Region.
Management of Mercury Maritime Concession Company, said it would complete the Multibillion-Dollar Escravos Seaport Industrial Project between 2024 and 2025.
Rear Admiral Andrew Okoja (Rtd.), who is the company’s Chairman, put the Project cost at $50 billion,about N20.9 trillion.
The Project which is a Build, Operate, Own, and Transfer (BOOT) Model on competition would have a gas plant, a nature park, and an airport, all on 31,000 hectares of land in Gbaramatu Delta State.
“We are a privately-driven enterprise, and the multi-billion dollar deep seaport project we are working on is similar to the Lagos Deep Seaport Project.
“Our Escravos Seaport Industrial Project consists of a deep seaport as well as a number of other large-scale initiatives, including a refinery, a gas plant, a free trade zone, a nature park, and an airport.
“Like the Lagos Deep Seaport, this port is built, owned, operated, and transferred (BOOT), and delivery is anticipated to occur between 2024 and 2025,” he said
He said about 25 foreign and local consultants and partners are working on the project, which is being directed by the MMCC.
“The Port of Antwerp International, the second-largest port in Europe after Rotterdam Port, is organizing it” he added..
Speaking about the project’s phased approach, Okoja revealed that the amount of cargo flow would define the port’s value at each stage, and that the business has concluded that the project’s strong connectivity provides a solid operational base.
He said: “We have taken care of marine connectivity, rail connectivity, and road connectivity. This means that the worth of the Port itself is defined by the volume of cargo movement. As a result of its size, it will cover almost 70% of the country’s geographical spread.
“For instance, from the port, the River Niger and Onitsha are connected by water via the Escravos port. The second phase ascends to Lokoja from Onitsha. The first phase will cover roughly 350km, with 200km from Onitsha to Lokoja and 200km from the port”
The MMCC Chairman also revealed that the project would be inaugurated by the Suez Canal Authority of Egypt, with whom the business has signed a Memorandum of Understanding.
He continued, “Concession for between 50 and 75 years is being discussed with the Ministry of Transport; this link will be concessioned.”
Regarding the second connection, a rail connection, Okoja would link the Port to Warri and then ascend to Itakpe, Ajaokuta, from
Warri.
Nevertheless, he said that the firm would travel the roughly 47km leg from Escravos Port to Warri, which is also under concession, and that it would be the first electric train in Nigeria.
According to Okoja, the enterprise would be producing roughly 2,000 megawatts of power to run the electric train.
The third phase, according to the MMCC Chairman, is a direct route around the Koko intersection from the Escravos sea port to the Warri-Sapele Road.
“We are also concessioning for another 50 years, and we will be tolling,” he continued, “With this, we have the inflow and outflow of goods, and we predict that we can cover 70% of the earth’s surface.
“As a result, both air and landborne cargo would enter. And the flow—or how busy it is— of a port determines its worth.
“We mobilized all these contractors because we have the temporary approval from the Federal Government to build the port.”
The Lagos ports are anticipated to become less crowded upon project completion and launch, and thousands of jobs are anticipated to be created in the sector.