Nigeria's FEC approved the development of Ibom Deep Seaport
Nigeria's Federal Executive Council (FEC) has approved the development of the Ibom Deep Sea Port in Akwa Ibom State, paving the way for a public private partnership (PPP).
The project aims to become a cargo gateway for central and eastern Nigerian markets and beyond. The Ibaka port will be between 17 and 18 meters draught without dredging and its quay area will span over two miles (length). It is hoped that on completion, mega vessels of over 10,000 TEUs will be calling at the port and that will make it the largest in the region.
Felak Concept, a wholly owned Nigerian company, and Netherlands-based Maritime & Transport Business Solutions (MTBS) are advising the government on the project.
In mid February, the Managing Director of Nigerian Ports Authority (NPA), Mallam Habib Abdullahi, announced that over twenty local and foreign investors had already expressed interest in the project, which will be executed under the Long Term Amortization Scheme (LTAS).
The sea port is designed to be one of the components of the proposed Ibom Industrial City. The Industrial City business resort is expected to house refineries, petrochemical plant, dockyard, housing estates and oil and gas support services.
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