Governor Bassey Otu of Cross River State has announced that the Bakassi Deep Seaport project will be fully funded by investors without the state incurring any loans. Speaking at a media parley in Calabar on Tuesday, Otu emphasized that although the project was conceived before his administration, it remains central to his development agenda and is expected to reshape the state’s economic landscape.
The governor disclosed that the $3.5 billion project would be financed by investors through AFREXIMBANK, with the state government focusing on completing preliminary works. Ongoing activities at the site include hydrographic, geophysical, and geotechnical surveys, which are critical for ensuring the port’s structural integrity and design.
Otu expressed his administration’s commitment to rapid state transformation, noting that 100 primary healthcare centers are under reconstruction to improve rural healthcare services. Additionally, he announced an upcoming launch of student scholarships aimed at bolstering the state’s education sector.
The Bakassi Deep Seaport project, Otu affirmed, represents a cornerstone of his administration’s efforts to drive economic growth and attract investment without burdening the state with debt.
