Nigeria’s Cross River State has secured a $3.5 billion funding from Afreximbank to fund the anticipated Bakassi deep seaport. The African Export-Importbank (Afreximbank) is a Pan-African multilateral financial institution committed to funding some of Africa’s key infrastructure. Governor Bassey Otu, who was in Egypt last week for a workshop visited the financial institution in Cairo. The aim of the visit was to explore possibilities for partnership in key infrastructure projects expected in the state. The workshop held during the visit culminated in the signing of a project preparation facility for the development of the seaport. Furthermore, the governor noted that the partnership was of a world-class magnitude that would result in positioning Cross River State economically. He also expressed his excitement about the collaboration with Afreximbank and emphasized its importance. Otu noted the importance of the projects in promoting economic growth and development in the state.

The Bakassi deep seaport is one that has been anticipated for long, with its scope of implementation seeming somewhat foggy. At the visit to Afreximbank, Out had extensive Government-to-Business (G2B) meetings with tier 1 companies. These included ORASCOM Construction, ELSEWEDY Electric and HASSAN ALLAM Holdings. One of the highlights of the engagement was the signing of the project facility agreement and financial advisory agreement. The signings were for two major projects in Cross River, the Bakassi deep seaport and the 217km Superhighway integrated Project.

It also entails other projects such as the Obudu Cattle Ranch and Mountain Resort Project. In his remarks, Otu hinted that “following the signing of the agreement, Afreximbank will now serve as the Mandated Lead Arranger for these projects, marking a significant partnership for the state.” The signing of the agreement was attended by top executives of Afreximbank. These include the President and Chairman of the Board, Prof. Benedict Oramah, Executive Vice Presidents and also Senior Directors Furthermore, Heads of Strategic Business Units were also present at the signing ceremony in Cairo, Egypt.