• Saturday, May 25, 2024
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Investors eye multi-million naira port project in Akwa Ibom


Several investors have indicated interest in the proposed multi-million naira port development project off the Atlantic coast in Ibeno local government area of Akwa Ibom State.


Promoted by Port Notel Ocean Terminal limited, a wholly indigenous firm, it  is designed to be Africa’s premier offshore regional port with a minimum draught of 17 meters, on an artificial island aimed to develop the vast maritime potentials in the region and “ unlock Nigeria’s maritime domain value through a Public-Private-Partnership.”


Victor Akpanika, Managing Director and Chief Executive Officer of the company, who made this known in a statement, said most of the investors are from Europe, the Middle East, Asia and the United States. Akpanka added that  “ international development funding partners, foreign institutional investors and Global Terminal Operators” are also seeking to partner with Port Notel for the port development.


Akpanika explained that  project would be approached through phased development to reduce initial project cost, with ample flexibility for containers, steel products, dry bulk, Liquid Bulk (Including LNG) General Cargo, RoRo and Deep off Shore Logistics Support base amongst others pointing out the preliminary technical feasibility studies and market investigation reports that started in May 2014  has been completed.


He disclosed that, a corporate – commercial law firm, has been commissioned to undertake detailed legal and regulatory audit of the project with a view to uncovering all applicable laws and authorisations required for “speedy commencement of technical field and site development activities.”


He  did not however say when the construction of the project is expected to begin and the total capital outlay for the artificial island port terminal.