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Bakassi Deep Seaport Project’ll Be Funded Without Loan – Otu
Cross Rivers State Governor, Bassey Otu, has said the Bakassi Deep Seaport project will be funded without the state taking any loan facility.
He said the project, a flagship of his administration, though not conceptualised by his government, would change the economic landscape of the state and that of the country at large.
The Governor, who disclosed this at a media parley with journalists in the state capital, explained that the Bakassi Deep Seaport project was purely investor driven and estimated to cost about $3.5 billion.
He added that all that was required of the state was to carry out all the preliminary works needed for the actual construction work to commence.
“The Seaport project will change the economic fortune of the state, it will be the best, and the ground breaking ceremony will come soon.
“The government is not borrowing any money to fund this project. The fund will be provided by the investor through AFREXIMBANK.
“As we speak, work is going on there on a daily basis. Basically, what is being done now is the hydrographic, geophysical, and geotechnical survey for the proposed Deep Seaport Integrated Project.
“The survey is essential to ensuring the port’s structural integrity and functionality, as it will generate data crucial to the project’s design and execution”, the Governor explained.
Chinedu Wosu