President Bola Ahmed Tinubu’s government has received a positive development for the Marine and Blue Economy initiative.
EDIB International Limited from Hong Kong expressed interest in financing the $27.29 billion Escravos Seaport Industrial Complex (ESIC) project under a Joint Venture Partnership with Nigerian firm Mercury Maritime Concession Company Limited (MMCC).
The project is located in Escravos, Delta State, and aims to build a deep seaport, crude oil refinery, gas complex, free trade zone/industrial park, independent power plant, airport, and nature conservation park on 31,000 hectares of land.
EDIB International Limited, seeking government security, requests written confirmation of the Free Trade Zone in Nigeria to secure the $27.29 billion funding.
The security is linked to a 50-year concession deal for the Build, Own, Operate, and Transfer (BOOT) of the ESIC deep seaport.
The Federal Government plans to extend the concession term to 99 years to ensure the return of the financier’s investment with profit. After this period, ownership reverts to the Federal Government.
MMCC’s Rear Admiral Andrew Omaolo .S. Okoja (rtd) explained that EDIB International’s decision is based on approvals from the Federal Ministry of Transportation and the Delta State Government.
The ESIC project, initiated in 2019, aims to transform the economies of seven beneficiary states, making them hubs for foreign direct investment in trade, commerce, and industry.
ESIC deep seaport, as a gateway, will connect through marine, rail, and road transportation, serving more than seven states and the Federal Capital Territory (FCT) Abuja.
The project also involves a partnership with the Suez Canal Authority for a 600-kilometer canal project from ESIC seaport to Baro in Niger State, facilitating vessels up to 100,000 metric tons.
Chairman MMCC added that the seven direct ESIC project beneficiary states and Abuja will become equity partners, enjoying the right to use ESIC project capacity.
The project promises significant economic transformation from rural-driven to metropolis-driven economies in the beneficiary states.
