EXCLUSIVE: Why Nigeria may lose $27bn funding for proposed Escravos Seaport

Nigeria is presently on the verge of losing $27.29 billion in funding for the proposed Escravos Seaport Industrial Complex (ESIC) project in Delta State as the federal and state governments are stalling in granting final approval for the project’s takeoff.

Expressing concern, Rear Admiral Andrew Okoja (rtd), chairman of Mercury Maritime Concession Company (MMCC), developer and lead promoter of the port project, told journalists that the foreign investors are ready to commit funds for the commencement of the port project.

Okoja said the delay in granting the necessary approvals may see Nigeria missing out on the opportunity to create new jobs using the port.

“EDIB International of Hong Kong had expressed willingness to invest $27.29 billion in a deep seaport located in Escravos (Gbaramatu Island/Omadino) Warri South-West Local Government Area of Delta State. The project is to be executed through a Joint Venture Partnership with a Nigerian firm Mercury Maritime Concession Company Limited (MMCC),” Okoja said.

In a commitment letter dated 19/01/2024 and sent to MMCC through Kwame Springer, chairman of EDIB International Ltd, the financing company, and Blue Dot Wealth Limited, the consultant, EDIB requested a guarantee from the Federal Government to protect the investment.


Leave a Reply

Your email address will not be published. Required fields are marked *