Nigeria’s growing stature as a preferred destination for large-scale private investment was reaffirmed as the Governor of Cross River State, Senator Bassey Otu, received the Full Business Case Certificate of Compliance for the $2.27 billion Bakassi Deep Seaport Project, a landmark Public–Private Partnership (PPP) approved by the Federal Executive Council (FEC) last week.
The certificate was formally presented by the Honourable Minister of Marine and Blue Economy at a ceremony witnessed by the Infrastructure Concession Regulatory Commission (ICRC), the statutory regulator of PPP projects in Nigeria. The milestone underscores the confidence of global investors in Nigeria’s reform-driven investment climate under President Bola Ahmed Tinubu, as well as the administration’s emphasis on effective collaboration between the Federal Government and sub-national governments to deliver transformative infrastructure.
Speaking at the event, the Director-General of the ICRC, Dr. Jobson Oseodion Ewalefoh, described the Bakassi Deep Seaport as a strong demonstration of Nigeria’s growing attractiveness as an investment destination, anchored on policy clarity, investor confidence, and effective collaboration between the Federal Government and sub-national governments.
According to Dr. Ewalefoh, the project clearly reflects the vision of President Bola Ahmed Tinubu, who has consistently championed cooperation between national and state governments as a pathway to unlocking large-scale, privately financed infrastructure.
“What we are witnessing today demonstrates the vision of Mr. President. He has always preached collaboration between the national and the sub-national, and he has led from the front. This project is a partnership between the Federal Government and a sub-national government to give birth to the Bakassi Deep Seaport,” he said.
He noted that the scale of the Bakassi Deep Seaport highlights the critical role of private capital in bridging Nigeria’s infrastructure gap, adding that while states may not shoulder such investments alone, credible investors are increasingly willing to do so within Nigeria’s evolving PPP framework.
Dr. Ewalefoh further observed that the project sends a powerful signal to the global investment community about the confidence investors have in Nigeria’s economy and leadership, stressing that government’s role remains the creation of an enabling environment that attracts long-term capital.
He commended the Honourable Minister of Marine and Blue Economy for his hands-on leadership and sustained engagement in advancing the project, as well as the commitment of the Cross River State Government, describing the Bakassi Deep Seaport as a model for other states to leverage PPPs for economic growth, regional integration, and job creation.
The ICRC Director-General concluded that the project represents a clear vote of confidence in the leadership of President Bola Ahmed Tinubu, and a strong message to investors that Nigeria is open, ready, and competitive across sectors.
The Honourable Minister of Marine and Blue Economy described the presentation of the Full Business Case Certificate of Compliance as a historic milestone for Nigeria’s marine and blue economy, noting that the sector had long fallen short of its potential despite the country’s strategic advantages. He said the project marks a deliberate shift toward addressing longstanding capacity gaps in maritime trade and infrastructure.
He added that under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the marine and blue economy has been prioritised as a key pillar of economic growth, sustainability, and competitiveness. According to him, the Bakassi Deep Seaport reflects a clear policy direction to reposition Nigeria as a regional maritime hub through private-sector-led investment.
Governor Bassey Otu described the certificate presentation as a major breakthrough for the Bakassi Deep Seaport project, attributing the milestone to strong collaboration between the Federal Government, regulatory institutions, and the state. He noted that the process demonstrated the importance of regulatory clarity in advancing large-scale infrastructure.
The Governor expressed confidence that the project would unlock significant economic opportunities, attract long-term private investment, and strengthen Nigeria’s maritime capacity. He added that the development sends a positive signal to investors and offers a practical model for other states seeking to deliver transformative infrastructure through Public–Private Partnerships.