$2.9b Escravos Seaport To Create 40,000 Jobs, Decongest Lagos ports - THE DAILY CRUCIBLE

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Wednesday, May 5, 2021

$2.9b Escravos Seaport To Create 40,000 Jobs, Decongest Lagos ports




The Daily Crucible

The proposed $2.9 billion Escravos Seaport Industrial Complex (ESIC-1) project in Warri, Delta State, would help decongest the Lagos ports and  attract about $50 billion in foreign direct investment (FDI) to Nigeria  when completed.

the Escravos Seaport project sits on 30,000 hectares of land in South West of Warri in Delta State. It would also help decongest the Lagos ports and bring in more people into the maritime industry.

The promoter and Chairman  of Mercury Maritime Concession Company (MMCC) Limited, retired Rear Admiral Andrew Okoja, disclosed this during a stakeholders’ forum in Lagos at the weekend. 

Okoja said  the project would generate about 40,000 jobs upon completion and eliminate piracy in the region since the Nigerian Navy would be present to protect the business. 

He identified other benefits of the project as promoting collateral investments in commerce, industry, mining, power, housing, recreation and tourism.

According to Okoja said MMCC had secured a provisional approval from the Federal Government through the Ministry of Transportation with a deposit of $1 billion investment to be made soon as a show of commitment to the project

He explained that the project component include a deep seaport, free trade zone, crude oil refinery and gas complex and will run on a ‘build, own, operate and transfer’ (BOOT) model.

It would also be on lease for about 50 years, with the $2.9 billion funding coming from foreign investors.

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