ICRC: FG to earn N50bn from Onitsha River Port concession

February 3, 2022 7:01 pm

The Infrastructure Concession Regulatory Commission (ICRC) says the federal government will generate over N50 billion from the 30-year concession of the Onitsha River Port.

In a statement on Thursday, Manji Yarling, acting head, media and publicity, ICRC, said the federal executive council (FEC) gave approval for the concession on Wednesday.

According to her, the port will serve as an alternative source of transporting goods to the south-east from Lagos, Port Harcourt and other areas with adequate water connectivity.

She said the concession was approved under a rehabilitate, operate and transfer (ROT) arrangement.

The project is domiciled in the ministry of transportation with Messrs Universal Elysium Consortium as the concessionaire.

She added that the FEC’s approval followed a detailed process under the regulatory guidance of the ICRC which commenced in 2011 with support from the World Bank.

Yarling said the Onitsha River Port was officially opened over three decades ago but had been neglected and not been optimally utilised.

“This concession is part of the bigger federal government’s plan to concession the remaining river ports and enhance inland waterways transportation in the country,” she said.

“The 30-year concession is expected to generate over N50 billion to the federal government and create thousands of direct and indirect jobs while facilitating more efficient trade within the country through cheaper, easier and cleaner methods of transporting goods and services.

“The Port is equipped to deal with general cargo such as containers, bulk cargo and other packaged freight, and has a land area of over 12 Hectares.

“The wharf is 324 meters long with a further provision for additional expansion of 234 meters, and the Port also has facilities such as storage workshops and parking areas to cater for operations.”

The Onitsha River Port is one of the four river ports in the country with others situated in Lokoja, Kogi State; Baro in Niger state and Oguta in Imo state.