Governor Bassey Otu of Cross River State has assured that the Bakassi Deep Seaport project will be funded entirely by investors, with no loans taken by the state government.
Speaking at a media parley in Calabar on Tuesday, Otu described the seaport as a flagship project of his administration, despite not being originally conceptualized under his government. Estimated at $3.5 billion, the project is expected to transform the economic landscape of both the state and the country.
“The government is not borrowing any money to fund this project; the funds will be provided by the investor through AFREXIMBANK,” Otu said. He noted that preliminary works—including hydrographic, geophysical, and geotechnical surveys—are already underway to ensure the port’s structural integrity.
The governor also highlighted his administration’s broader development efforts, including the reconstruction of 100 primary healthcare centers across rural communities and an upcoming education scholarship program to be launched in the coming weeks.
