The Cross River State Government has signed an agreement with Arise IPP, a UAE-based firm, for the development of the Bakassi Deep Seaport. This agreement grants Arise IPP an 80% stake in the project, while the state government retains 20%.

The deal also involves the restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle for the project.
The State Executive Council ratified the shareholders' agreement, which mandates the restructuring of Bakassi Deep Seaport Ltd. Governor Bassey Otu presided over the meeting and emphasized the project's potential to boost maritime infrastructure, enhance West Africa's trade links, and drive economic growth in Cross River State.

The project is expected to secure financing through an Afreximbank facility. Governor Otu also announced plans to send select Cross River indigenes to Asian countries for specialized training in port operations.
In addition to the Bakassi Deep Seaport project, the State Executive Council approved several other initiatives. These include the procurement of compressed natural gas and electric vehicles, as well as electronic motorcycles, to enhance public transportation.

The council also approved remedial works on the Ikom-Boki-Obudu road and a N200 million funding package to upgrade infrastructure at the newly established University of Education and Entrepreneurship in Akamkpa Local Government Area.
Furthermore, the governor assured that the distribution of 10,000 recently acquired solar power systems for rural homes will be strictly managed to ensure they reach the most vulnerable.

The Bakassi Deep Seaport project is a significant step towards realizing the state's economic growth potential. With the agreement in place, the project is expected to move forward and bring benefits to the state and its people.
The partnership between the Cross River State Government and Arise IPP is a positive development for the state's economy. The project's potential to enhance trade links and drive economic growth is significant.

The governor's commitment to ensuring that the project benefits the most vulnerable members of the community is commendable. The distribution of solar power systems to rural homes is a welcome initiative.
Overall, the agreement between the Cross River State Government and Arise IPP is a positive step towards realizing the state's economic growth potential.

Source:
https://punchng.com/cross-river-uae-firm-sign-agreement-on-bakassi-deep-seaport/