The Cross River State Government and a United Arab Emirate (UAE) firm, Arise IPP, have signed an agreement on the development of the Bakassi Deep Seaport project.
The agreement, which was ratified by the State Executive Council, outlines the terms of the state government’s partnership with the firm on the project development.
Under the agreement, Arise IPP will acquire an 80 percent stake in the project, while the Cross River State Government will retain 20 percent. The restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle (SPV) established for the project, is also part of the agreement.
The State Governor, Bassey Otu, who presided over the meeting, yesterday, emphasized the significance of the project, stating that it will address maritime infrastructure challenges, enhance trade between West Africa and the global market, and drive economic development in Cross River State.
The governor also announced plans to send select Cross River indigenes to Asian countries for specialized training in port operations. This move is aimed at equipping locals with the necessary skills to take up jobs in the seaport.
In addition to the Bakassi Deep Seaport project, the State Executive Council approved several other initiatives, including the procurement of compressed natural gas (CNG) and electric vehicles, as well as electronic motorcycles, to enhance public transportation.
The council also approved remedial works on the Ikom-Boki-Obudu road and a N200 million funding package to upgrade infrastructure at the newly established University of Education and Entrepreneurship in Akamkpa Local Government Area.
The governor assured that the distribution of 10,000 recently acquired solar power systems for rural homes will be strictly managed to ensure they reach the most vulnerable.
The meeting also observed a minute’s silence in honour of the late Abubakar Ewa, the Commissioner for Culture and Tourism, who passed away on the day of the last Exco meeting in January 2025.
