Greenfield Asset Limited plans to invest $900 billion in the Ibom Deep Seaport project, the Group Managing Director of the company, Paul Obanua, said on Thursday.
Obanua, who made this known at an interactive session with newsmen in Abuja, said the amount would complete the first phase of the project.
According to him, the project will be fully funded by the company without any financial contribution from the State or Federal Government.
He said: “The first phase of the project is $900 billion and we are funding it 100 per cent; we don’t require money from the Federal Government or state government.
“We don’t want what has happened to Lekki Deep Seaport to happen to this project because they have to wait for Federal Government equity contribution, which has stalled the project.”
Obanua said the concession agreement was to design, build, finance, operate, maintain and transfer to the Federal Government after 50 years, which was a long-term investment.
Obanua said the project would generate 100,000 direct and indirect jobs, adding that the first phase would be completed in two years.
He further said the project would establish Nigeria as a maritime hub by greatly increasing the container and cargo handling capacity of the port and thereby eradicate port congestion.
He said: “The Ibom Deep Seaport will open up the eastern to the north-eastern part of the country to the much needed economic activities.”
Obanua said such a link would also boost revenues accruing to the nation through duties and other port-related revenue.
Obanua said to achieve this objective, his company had set up a consortium with leading funding partners such as Macquarie Bank of London and Australia as well as Development Bank of Southern Africa.
Trending
- FG restates commitment to press freedom, demands responsibility
- I’m not moved by cyberbullying — Alex Iwobi
- ICAN gives support to Senate probe of CBN’s Ways and Means
- Alleged defilement of girlfriend: 23-year-old student freed after two years
- We’re not aware of any BoT in Labour Party — NEC
- Anambra police station attacked, set ablaze
- National Convention: We gave INEC over 100 days notice – LP
- Naira falls against dollar by 0.7%