ESIC $27bn project realisation hinges on FG’s revalidation
The Escravos Seaport Industrial Complex (ESIC) project estimated to cost $27.29 billion is yet to get the Federal Government’s revalidation letter it needs for kickoff.
This development was disclosed at a global media parley held on Tuesday in Lagos, at the instance of owners of the project, Mercury Maritime Concession Company (MMCC), with Rear Adm. Andrew Okoja (Rtd.) as its Chairman.
Okoja who used the occasion to appeal to President Bola Tinubu to intervene in the development, said that an earlier appeal was made in June 2024, to get the Federal Government’s revalidation for the same project.
Giving an outlook of the socio-economic impact of the project when it comes on stream, Okoja said the Ministries of Industry, Trade and Investment, Marine and Blue Economy, and that of Power among others, would create massive jobs with inland ports in states including Delta, Bayelsa, Edo, Anambra, Niger, Kogi as well as the Federal Capital Territory.
He said that as a Public Private Partnership model project, consideration of an equity share would be given to the states to encourage them to create a friendly work environment and ensure that locals benefit directly from the project as investments would create jobs.
“Regarding the connectivity, everything is treated as a holistic project; the main port itself, including the inland ports. We will be giving the states about 0.2 per cent equity, to encourage them. What we have is a PPP project and it is regulated by the Infrastructure Concession Regulatory Commission laws of the Federal Republic of Nigeria.
“This project will open up the seven other as well as the FCT Abuja to international investors,” Okoja said.
He added that the project which was about 20 per cent completed would have made significant progress if the revalidation letter had been issued.
Speaking on the achievements of the project thus far, Okoja said: “The Escravos Seaport Industrial Complex project has procured all the principal government approvals except the FG revalidation letter being awaited since January 2024, when EDIB International Limited expressed willingness to finance the ESIC project.”
He noted that erstwhile government approvals were given to develop the ESIC project in 2020 and 2022 respectively. But one year after the expression of willingness to finance the project, the revalidation letter had yet been given to enable the financier commit its fund to commence concrete development.
While appreciating President Tinubu, Gov. Sheriff Oborevwori of Delta State and governors of the other states contributing to the ESIC project’s current achievement, Okoja added that: “All ESIC project entities will be delivered within five years of commencement of project in earnest.”
According to the MMCC, the principal FG ministries driving the ESIC project include the Federal Ministry of Industry, Trade and Investment IFMIT&I), and the Federal Ministry of Marine and Blue Economy (FMM&BE).
At its news briefing in June 2024, the MMCC disclosed that project comprised of a deep seaport, inland ports that would be built in Bayelsa (Nun River), Imo (Oguta Lake), Delta (Okegbele), Edo (Inyele), Delta (Ebu), Kogi (Idah) and FCT Abuja.
It also mentioned that the project would involve building an intermodal transport system for cargo evacuation, including 45 km of coastal roads, 150 km rail line to connect existing Warri-Ajaokuta-Itakpe railway and 600 km marine highway.
In addition, the project would have an independent power infrastructure to involve 2,000 megawatts of Independent Power Project (IPP), two 500 megawatts of IPP in two inland ports and five 250 megawatts of IPP in five inland ports.
Other components of the project would be a Free Trade Zone (with three major layouts) an industrial park and a Central Business District, a crude oil refinery and gas complex free trade zone. There would be a nature conservation park and a golf course as well as a ship repair yard and a dockyard.
