Andrew Okoja, a former rear admiral, has issued a warning, stating that Nigeria could lose out on $27.29 billion in foreign investment for the Delta State project known as the Escravos Seaport Industrial Complex (ESIC). The Mercury Maritime Concession Company (MMCC) chairman, Okoja, made this announcement in a statement on Tuesday in Lagos.
He said that because the federal government and Delta State governments were taking a long time to approve the project’s start, the nation was in danger of losing out on this important money. “Nigeria may lose out on much-needed job opportunities and boosting the nation’s economy due to the delay in providing the necessary approvals by both the federal and Delta State governments,” Okoja stated.
Okoja highlighted that the investors are willing to provide funding in order to get the project underway. He pointed out that the ESIC initiative is expected to greatly increase international investment in trade, commerce, and industry in Delta State and seven other states, including the Federal Capital Territory (FCT) of Abuja.
“ESIC would change Delta State’s and other beneficiary states’ economies from being primarily rural to being fueled by metropolitan development up to par with world norms. “This project aims to address Nigeria’s ongoing port congestion issues and is modelled after the Lekki Deep Seaport/Free Trade Zone (FTZ),” he continued.
Okoja went on to clarify that the Infrastructure Concession Regulatory Commission (ICRC) oversees the ESIC project, which is a non-solicited Public-Private Partnership (PPP).
Nigeria
He states that it entails a Build, Own, Operate, and Transfer (BOOT) concession lease that is renewable every 50 years for the ESIC deep seaport and free trade zone project. He mentioned that earlier in the year, Hong Kong-based EDIB International had stated that it would be willing to contribute $27.29 billion to the development of the ESIC project.
