Cross River secures $3.5bn loan from Afreximbank for Bakassi deep seaport

Bassey Otu, governor of Cross River state, says a $3.5 billion loan has been secured from the African Export-Import Bank (Afreximbank).

In a post on Tuesday, the governor said the funding, which is expected to foster infrastructure projects, is for the Bakassi deep seaport in Cross River.

“Exciting news! Secured $3.5bn Afreximbank funding for Bakassi Deep Seaport in Cross River State, boosting key infrastructure projects,” Otu said.

“Our collaboration with Afreximbank in Cairo is a game-changer for economic growth and development in the state. #InfrastructureDevelopment.” 

The Bakassi seaport project, which was approved by the federal government in 2019, is expected to be situated on a perimeter area of about 36,000 hectares under a public-private partnership (PPP) arrangement.

On February 21, the federal government signed a memorandum of understanding (MoU) with Afreximbank for a $1 billion facility to finance healthcare investment in Nigeria.

Speaking on the funding, President Bola Tinubu welcomed the significant step towards investing in Nigeria’s healthcare sector.

In a statement by Ajuri Ngelale, presidential spokesperson, Tinubu said the “facility is a great commitment to humanity. We are open and ready to assist this project in every way possible”.

“Africa is in need, and Nigeria is committed to the needs of its people. Putting people’s welfare first is putting healthcare first,” the president said.

Afreximbank, on February 28, said Nigeria is among the largest beneficiaries of funding in Africa’s energy sector.