VOL. NO: 53      DATE:
 

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AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

Nigeria announce $25 billion project for Niger-Delta region

A $25 billion deep water port is to be constructed in the Niger Delta zone to boost economic activities in the region. In the first phase of a four-phase project, the port modelled after a Connecticut (USA) deep water port, would be constructed in Bayelsa state, followed by other ancillary projects to be sited in Delta, Cross River and Rivers States.

The initiative is a joint effort between the Federal Government and Dersko Marine Limited, in a public-private partnership model. Some of the benefits expected to be derived from the project include reduction in capital flight by multi-national oil companies and generation of internal revenue. 

Described as potentially the biggest marine investment in Africa, the project, will be done in phases that will span 15 years.

Recently, a team of experts from the United Kingdom and Dersko Marine Ltd., led by Engineer Weizman Atemubaghan visited the Minister of State and Transport Ministry, Mallam Mohammed Habib Aliyu, to unveil plans for the project's construction.

With a projected capacity for employing over 450,000 people for the first and second phases, the project will save Nigeria about $18 billion from capital flight.

 

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