Stakeholder urges FG to revalidate $27.29bn Escravos seaport project
The federal government has been urged to issue a revalidation letter to facilitate the financing and development of the $27.29 billion Escravos Seaport Industrial Complex (ESIC) project in Delta State, aimed at improving the well-being of Nigerians and enhancing the country’s economic potential.
Speaking in Lagos on Tuesday, Rear Admiral Andrew Okoja (RTD), Chairman of Mercury Maritime Concession Company (MMCC), highlighted the project’s potential to drive economic growth across multiple states and contribute to national prosperity.
Okoja emphasised that the ESIC project is designed to transform Nigeria’s economy by creating a world-class seaport that will serve as a hub for trade, commerce, and industrial activities.
The project is expected to have a direct economic impact on seven states—Delta, Edo, Bayelsa, Anambra, Kogi, Niger—and the Federal Capital Territory (FCT).
He further pointed out that seaports are key to wealth creation, acting as gateways for raw materials, semi-processed goods, and finished products.
By tapping into these opportunities, the ESIC project aims to elevate the well-being of Nigerians and boost the country’s economic standing.
“However, the project has been stalled due to the Federal Government’s delay in issuing the revalidation letter needed for its implementation,” he alleged.
According to him, the Delta State Government issued its revalidation letter as far back as June 2024, but the absence of the Federal Government’s approval has prevented financiers from committing their funds.
The chairman noted that significant progress could have been achieved by now, with an estimated 20 percent of the project completed, if the revalidation letter had been issued earlier.
He recalled that this issue was first raised at a similar media parley in June 2024 but was left unresolved due to a ministerial redeployment.
The MMCC Chairman appealed to President Bola Ahmed Tinubu to intervene and expedite the process.
He expressed optimism that the outcome of the media parley would lead to the issuance of the long-awaited revalidation letter, allowing the project to proceed to its next development phase.
He said further he said the Escravos Seaport Industrial Complex is not just an infrastructure project but a transformative economic initiative with the potential to redefine Nigeria’s maritime and industrial landscape.
He, however, reiterated the MMCC commitment to delivering this project and is hopeful that the Federal Government will take swift action to ensure its realisation to generate employment and boost the nation’s economy.