Nigeria’s $27.29 Billion Investment at Risk for Delta State’s Escravos Seaport Complex”


“Retired Rear Admiral Alerts: Nigeria Risks Losing $27.29 Billion in Foreign Investment for Delta State’s Escravos Seaport Industrial Complex”

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Retired Rear Admiral Andrew Okoja, also the chairman of the Mercury Maritime Concession Company (MMCC), issued a warning on Tuesday in Lagos. He cautioned that Nigeria could forfeit a significant $27.29 billion in foreign investment earmarked for the Escravos Seaport Industrial Complex (ESIC) project in Delta State.

Okoja expressed concern over prolonged delays by both the federal and Delta State governments in granting final approval for the project’s commencement. He stressed that this delay could jeopardize crucial job opportunities and impede the nation’s economic growth.

According to Okoja, investors are ready to inject funds into the ESIC project, which aims to open up Delta State and seven other states, including the FCT, Abuja, to international trade, commerce, and industry. The project, similar to the Lekki Deep Seaport/Free Trade Zone (FTZ), seeks to alleviate Nigeria’s perennial port congestion issues.

Outlined as a non-solicited Public-Private Partnership (PPP) regulated by the Infrastructure Concession Regulatory Commission (ICRC), the ESIC project involves a 50-year renewable concession lease to Build, Own, Operate, and Transfer (BOOT) the deep seaport and Free Trade Zone.

Earlier in the year, EDIB International of Hong Kong expressed readiness to invest $27.29 billion in the ESIC project. This initiative complements the ongoing Lagos – Calabar coastal road project in the country, promising significant economic transformation for the region.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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