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Ibom deep seaport secures business case compliance approval

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The federal government can now commence the full procurement process of the Ibom Deep Water Port (IDWP) through Public Private Partnership (PPP) as the facility’s full business case has been approved by the Infrastructure Concession Regulatory Commission (ICRC). Engr. Chidi Izuwah,

the Director General of the ICRC gave the indication during the presentation of the full business case compliance certificate for the project to the Minister of Transportation, Mr. Rotimi Amaechi, in Abuja.

The IDWP project involves the development of a Greenfield Deepsea Port and accompanying Free Trade Zone (FTZ) in Akwa Ibom State in the South-South geopolitical zone of Nigeria. The proposed Port and FTZ are part of the planned Ibom Industrial City initiative that will be established on a 14,400-hectare site donated by the Akwa Ibom State Government (AKSG) free of charge. During the presentation, Engr. Chidi noted that ‘The IDSP project is planned to become a major national and regional economic gateway that will provide additional container handling capacity for the country.

‘In addition to containers, the IDWP is expected to handle petroleum products, crude oil, natural gas, vehicles and bulk trade in natural resources’, he said. Chidi Izuwah appreciated tremendously the leadership that the federal ministry of transportation (FMOT), through the able and tireless honourable minister, provided for the project. He also appreciated the Nigerian Ports Authority (NPA) & Akwa Ibom State Government for all their efforts in getting the project to this point.

The minister in his response thanked the ICRC for providing timely guidance throughout the development and procurement process of the project. He noted, ‘this project is in line with Mr. President’s desire to expand and further develop the nation’s transport sector in the overall interest of the economy’. It would be recalled that Bollore/Power China emerged the preferred bidder for IDWP following the transparent bidding process that held earlier. Conclusion of negotiations and due diligence are ongoing with the preferred bidder.