Ibom Port Development Plan Gets OK
- Business & Finance
Nigeria’s Federal Executive Council (FEC) has formally approved the ongoing development of the Ibom Deep Seaport & Free Trade Zone in Akwa Ibom State.
Felak Concept Limited (Abuja, Nigeria) and MTBS (Rotterdam, the Netherlands) are the Transaction Advisors for the project.
The project is monitored by the Ministerial Project Development and Steering Committee (MPDSC). FEC approval paves the way for the upcoming PPP Concession tender by means of which international port investors and operators are identified and selected for the development.
The Ibom Deep Sea Port & Free Trade Zone is a Greenfield port and FTZ development in Akwa Ibom State in southeast Nigeria. The port is projected to become a cargo gateway for the vast central and eastern Nigerian markets and beyond.
Development and subsequent operation of the port will generate substantial economic activity in the region.