Concessionaire Urges Tinubu To Revalidate $27.29bn Escavos Seaport Project

The chairman of the Mercury Maritime Concession Company (MMCC), Rear Admiral Andrew Okoja (rtd), has called on President Bola Tinubu to revalidate the $27.29 billion Escravos Seaport Industrial Complex (ESIC) project in Delta State.
Speaking to newsmen in Lagos on Tuesday, Okoja stated that the revalidation of the project by the federal government was crucial to enabling the financier to release funds and start its development.
He stated that Nigeria was on the verge of missing this significant funding due to prolonged delay by the Federal Ministry of Industry, Trade and Investments (FMIT & I) and Federal Ministry of Marine and Blue Economy (FMM & BE) for the revalidation approval.
He then urged President Tinubu to intervene to clear the seeming gridlock arising from the over one-year neglect on the part of the federal government ministries in issuing the revalidation letter.
He commended President Tinubu and Delta State governor, Sheriff Oborevwori, for their support and commitment to the development of $27.29 Escravos Seaport Industrial Complex (ESIC) Project.
Okoja acknowledged that seaport was a gateway to accessing or exiting the wealth of nations in the form of raw materials, semi-processed and finished goods, through the activities of trade, commerce and industry.
“These goods are in the category of minerals; solid, liquid and gaseous, and agriculture. Seaport are synonymous with wealth and wealth creation; any person, community or state located in the precinct or influence of a seaport is relatively wealthier than those outside the port precinct.
“A viable seaport is a catalyst to the economic development of a nation or sate. It is the above understanding that inspired MMCC into developing ESIC Project in Escravos, Delta State, in order to create wealth and uplift the well being of Nigerians.
“ESIC Project will stimulate the economic development of Nigerians and impact directly on the economies of 7 states of the federation through the connectivities of Inland Dry Ports to be establish in Delta, Edo, Bayelsa, Anambra, Kogi, Niger and FCT,” Okoja said.
According to him, the essence of this news conference is to showcase the full scope of ESIC project and also to provide information on the implementation of the project.
He recalled that on June 11, 2024, MMCC had a news confetence where the same issue was featured.
Okoja said that the former minister, Federal Ministry of Industry, Trade and Investments (FMIT & I), Dr Doris Uzoka-Anite, could not deliver before she was redeployed four months later.
He said that ESIC project would have registered 20 per cent performance by now, adding that it was delayed due to challenges encountered by its Project Team as a result of non-issuance of the revalidation.
According to him, the intervention of President Bola Tinubu is counted upon to achieve the long expected result.
The general manager, MMCC, Mr Patrick Wodah, also pleaded with the federal government to issue the revalidation letter for the take-off of the Escavos seaport project.
“In the face of Nigeria’s current economic challenges and its attendant high unemployment rate, devaluation of naira, low productivity etc, the one year neglect on the part of these federal government ministries to issue necessary revalidation so as to admit USD $27.29 billion Foreign Direct Investment (FDI) into Nigeria’s economy.
“The project concern, (ESIC), fully supports President Bola Ahmed Tinubu ‘Renewed Hope’ Agenda.
“ESIC project, aided by its hinterland marine, rail, road and air connectivity, is adjudged a truly national & subregional West/Central Africa deep seaport/FTZ driven infrastructure development project.
“It has great potential for bringing about massive turn – around of the economy of Nigeria and those of the sub-regional countries impacted upon by the project.
“For strategic consideration and the need to exercise due freedom of choice, the financing of ESIC project should come from more than one country,” Wodah said.