Tinubu: Lagos can’t remain Nigeria’s only major trade gateway as $3.5bn Bakassi port takes off

… Dismisses claims Abuja, South-West frustrated seaport development outside Lagos

… Says Bakassi project will revive Cross River economy, unlock $44bn maritime opportunities

… Shettima urges states to develop bankable projects, attract private investment

President Bola Ahmed Tinubu on Friday declared that Nigeria could no longer afford to concentrate the bulk of its maritime trade in Lagos, warning that excessive dependence on a single commercial corridor was undermining the country’s economic potential and driving up the cost of doing business, The Nation Newspapers reported.

The President, who spoke at the groundbreaking ceremony of the $3.5 billion Bakassi Deep Seaport in Cross River State, also dismissed longstanding allegations that successive federal administrations and influential interests in Lagos and Abuja had deliberately frustrated efforts to establish commercially viable seaports in other parts of the country.

Represented by Vice President Kashim Shettima, Tinubu described the commencement of the Bakassi project as the breaking of a decades-long development jinx, declaring that his administration was determined to build a decentralised maritime economy capable of positioning Nigeria as a major regional trade and logistics hub.

Tinubu said concentrating more than 80 per cent of Nigeria’s foreign trade in Lagos was neither sustainable nor desirable, particularly as congestion, delays and rising logistics costs continued to affect businesses and consumers across the country.

“There is a rumour I hear in some corners. That the West, Lagos, or Abuja never wanted a port to work anywhere outside Lagos. If that were true, would I be standing here today with a shovel in my hand? Lagos is not our enemy”, the President said.

According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said the development of new maritime gateways should not be interpreted as an attempt to undermine Lagos but as a deliberate strategy to expand Nigeria’s economic opportunities and strengthen its competitiveness.

“Lagos is our elder brother in trade. No country eats with one hand. No country carries all its load on one shoulder. That shoulder will break. When over 80% of our foreign trade flows through Lagos, and Lagos alone, that is not strength.

“That risks congestion: ships queueing, goods delayed, and prices rising in the markets of Calabar, Onitsha, and Maiduguri. The nationalist in me cannot stand that.

“This project is not against Lagos. It is for Nigeria. When Lagos is free, Nigeria breathes. When Calabar works, Nigeria walks on two legs”, he declared.

Tinubu said the Bakassi Deep Seaport, designed to accommodate large ocean-going vessels with a draft of 20 metres, would fundamentally alter the economic fortunes of Cross River State and strengthen Nigeria’s position in regional and international maritime trade.

He described the project as a potential fiscal game-changer, capable of transforming the state’s largely civil-service-dependent economy into a commercially vibrant maritime and industrial centre.

The President said the groundbreaking was particularly significant because successive efforts to develop the port had been frustrated by political, administrative, financial and environmental obstacles.

Tracing the project’s history, he recalled that the idea of establishing a major maritime facility in the area dated back to the colonial period and was subsequently re-engineered in 2014, with its Environmental and Social Impact Assessment completed in March 2015.

However, he said the project remained largely dormant until Governor Bassey Otu’s administration revived the initiative and secured the financial and institutional arrangements required to advance it.

The President identified the $3.5 billion financing arrangement involving the African Export-Import Bank (Afreximbank) and the public-private partnership formalised by the Cross River State Government in February 2025 as major breakthroughs.

He explained that the seaport would be complemented by a 260-kilometre superhighway designed to facilitate the evacuation of cargo and connect the facility to markets in the northern, eastern and western parts of the country.

“But like a canoe without a paddle, the idea drifted into the doldrums until His Excellency, Governor Bassey Otu, gave it new legs. Securing $3.5 billion from Afreximbank became the oxygen it needed. In February 2025, the state formalised a PPP to drive it forward.

“Today, the Federal Government is standing fully behind it. This is beyond a Cross River dream. It is a Nigerian project. It is a feather in my shackle-breaking cap. It is a poverty breaker. It is history rewritten with love and commitment”, Tinubu said.

The President said his administration was determined to unlock the enormous potential of Nigeria’s blue economy, which he estimated could generate $44 billion annually if the country successfully captured maritime cargo traffic currently diverted to neighbouring countries.

He stressed that modern seaport infrastructure, supported by efficient transportation networks and private-sector investment, would create jobs, stimulate industrial production, attract foreign investment and improve the country’s trade competitiveness.

Reflecting on the historical significance of the Bakassi Peninsula, which Nigeria ceded to Cameroon following the judgment of the International Court of Justice, Tinubu said the commencement of the seaport project represented a new economic beginning for communities that had endured years of displacement and lost opportunities.

He commended the people of Cross River for retaining their resilience, hospitality and faith despite the loss of the peninsula, associated oil wells and revenues.

“Many people believed this port would never happen. They said it would be a pipe dream. They said Bakassi would only be remembered for what we lost.

“Today, we answer them with a shovel, with concrete, with steel, and with hope, a renewed hope that a dream deferred can become a dream actualised”, he said.

Tinubu added that the occasion was not merely ceremonial but represented his administration’s commitment to correcting longstanding economic disadvantages.

He said he had not come to Calabar, through his representative, simply “to cut a ribbon and dance Ekpe masquerade” but to “break ground and break centuries-old jinx”.

Addressing the people of Bakassi directly, the President said the maritime resources associated with their historical losses would now provide opportunities for economic renewal.

“The same water that took something from you will now bring something back. The Atlantic that people feared will now feed your children”, he said.

He urged residents and political stakeholders to protect the project from partisan disagreements and misinformation, warning that its success would require sustained public support.

The President also used the occasion to canvass support for his administration’s continuity beyond the 2027 general election, linking the project to his Renewed Hope Agenda.

“Do not forget the President who came to break ground and plant the seed of change from a civil service economy to a fast-paced, marine-backed Blue Economy. Vote for continuity. Vote for Renewed Hope”, he said.

Earlier, Governor Otu described the groundbreaking as a historic turning point for Cross River State, saying it had restored the hopes of the people of Bakassi after years of uncertainty surrounding the project.

He credited Tinubu with providing the political support and federal approvals necessary to overcome obstacles that had stalled the development.

According to the governor, the project, conceived during the immediate past administration in the state, had encountered numerous political, legal, administrative and environmental challenges that threatened its eventual implementation.

He expressed gratitude to the President for facilitating the processes that led to the issuance of the Certificate of Compliance and final Federal Government approval for the project.

“Today, a milestone of inestimable significance has been achieved through the instrument of the Renewed Hope mantra of Mr President Bola Ahmed Tinubu”, Otu said.

The governor invited local and international investors, particularly operators of maritime and logistics businesses, to take advantage of the commercial opportunities expected to emerge from the seaport and its associated infrastructure.

Also speaking, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, described the project as an important milestone in Nigeria’s efforts to diversify its economy, modernise maritime infrastructure and strengthen regional competitiveness.

He said the Tinubu administration recognised that sustainable economic prosperity must be anchored on productive investment, efficient infrastructure, private-sector participation and the effective utilisation of the country’s natural resources.

The Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, said the Bakassi Deep Seaport would also strengthen Nigeria’s commercial connections with landlocked African countries, including Chad, Niger, Mali and Burkina Faso.

He noted that Africa accounted for 16 of the world’s 44 landlocked countries, stressing that the proposed port would provide an important alternative maritime gateway for regional trade.

Dantsoho said the project could enhance Nigeria’s strategic position as a logistics and transit hub for West and Central Africa.

In his remarks, the President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, described the $3.5 billion project as a significant investment in Nigeria’s infrastructure and Africa’s regional trade integration.

Represented by the bank’s Executive Vice-President for Intra-African Trade and Export Development, Mrs Kanayo Awani, Elombi said the seaport would expand Nigeria’s cargo-handling capacity, strengthen its maritime corridors and facilitate trade with neighbouring economies.

He added that the project was consistent with the objectives of the African Continental Free Trade Area, particularly the development of infrastructure capable of supporting increased intra-African commerce.

Meanwhile, Vice President Shettima has challenged state governments across Nigeria and other African countries to identify their competitive economic advantages and translate them into investment-ready projects capable of attracting private capital.

Speaking separately at the sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference 2026 in Calabar on Friday, Shettima said the continent’s economic transformation would depend substantially on the capacity of subnational governments to turn untapped resources into commercially viable opportunities.

He said national economic policies and continental development frameworks could only produce meaningful results when complemented by effective implementation at state, provincial and municipal levels.

Addressing participants at the conference, themed ”The Role of Sub-Sovereigns in Catalysing Development through Trade and Investment,” the Vice President stressed that economic development must ultimately translate into tangible improvements in the lives of ordinary citizens.

“It is at the state, provincial, county and municipal levels that roads connect producers to markets, electricity powers industries, agricultural resources are transformed into valuable products, businesses create employment, and communities experience the benefits of economic growth”, he said.

Shettima maintained that subnational governments should no longer regard themselves merely as administrative divisions of central governments but as strategic economic institutions with the capacity to stimulate production, attract investment and facilitate international trade.

“National policies and continental frameworks provide direction, but their success depends significantly on what happens at the sub-national level”, he stated.

The Vice President said strengthening the institutional capacity of state governments to prepare commercially viable projects, establish investment partnerships and mobilise private-sector financing was essential to achieving sustainable growth.

“We must continue to strengthen the capacity of our states to identify their competitive advantages, develop investment-ready projects, attract private capital and build partnerships that deliver sustainable economic outcomes”, he added.