Chairman of Mercury Maritime Concession Company (MMCC), Rear Adm. Andrew Okoja (rtd), has said the Delta State Government has revalidated the approval for the $27.2 billion Escravos Seaport project. However, the project still awaits final validation from the federal government.
Okoja, who is also the developer and lead promoter of the Escravos Port project, shared this update during a news conference in Lagos.
He stated that the Delta Government had revalidated the project approval for the proposed $27.29 billion Escravos Industrial Complex (ESIC) in Delta State. He also mentioned that the developer has received assurances from the federal government that the revalidation of the earlier granted provisional approval would be granted soon.
“We have received revalidation from the Delta State Government, communicated to us early this week. We are also in touch with the Ministry of Industry, Trade and Investment, the supervisory ministry for this project, and they have assured us that the Federal Government’s revalidation will be granted before the June deadline set by the project financier,” Okoja said.
He highlighted that the project involves collaboration across eight ministries, including the Ministry of Solid Minerals, the Ministry of Works, the Ministry of Marine and Blue Economy, and the Ministry of Power. According to Okoja, the port developer and its partners are bringing a development fund of $27.2 billion to support the current administration’s efforts to attract foreign direct investments, stimulate the economy, and create jobs.
Okoja called on stakeholders and state governments to create an enabling environment for the port project, which is expected to significantly boost Nigeria’s economy. He noted that the developer had secured both financial and developmental partners.
“The EDIB International of Hong Kong has expressed willingness to invest as the financial partner for the port project, which will be located on 31,000 hectares of land in Escravos (Gbaramatu Island/Omadino) in Warri South-West local government area of Delta State. The port project will open up Delta State and seven other states, including FCT Abuja, to international investors in trade, commerce, and industry,” Okoja explained.
The project also involves building seven inland dry ports in Bayelsa, Imo, Delta, Edo, Kogi, and Abuja, with all deliverables expected within five years of commencing construction.
Port project director of MMCC, Mr. Ausbet Udebu, added that the project includes one deep seaport and inland ports in Bayelsa (Nun river), Imo (Oguta lake), Delta (Okegbele), Edo (Inyele), Delta (Ebu), Kogi (Idah), and FCT Abuja. It will also feature an intermodal transport system for cargo evacuation, including 45km of coastal roads, 150km of rail line connecting the existing Warri-Ajaokuta-Itakpe railway, and a 600km marine network.
Additionally, there will be an independent power infrastructure with a 2,000 megawatt Independent Power Project (IPP), two 500 megawatt IPPs in two inland ports, and five 250 megawatt IPPs in five inland ports. The project will also include a Free Trade Zone, an industrial park, and a Central Business District.
Udebu mentioned that Anambra and Niger States will have equity ownership in the ESIC project, which will be executed through a Joint Venture Partnership with the Nigerian firm Mercury Maritime Concession Company Ltd.
