In a significant development for Nigeria’s Marine and Blue economy initiative, EDIB International Limited of Hong Kong has pledged financial support to the tune of $27.29 billion for the development of the Escravos Seaport Industrial Complex (ESIC) project. The project, situated in Escravos on Gbaramatu Island/Omadino in the Warri South-West Local Government Area of Delta State, is set to be executed through a Joint Venture Partnership (JVP) with the Nigerian firm Mercury Maritime Concession Company Limited (MMCC).
EDIB International Limited, led by Chairman Chief Kwame Springer, has requested government security over its substantial investment in the ESIC project. The company is seeking written confirmation from the Federal Government of Nigeria (FGN) and the Local Government regarding the Free Trade Zone (FTZ) to ensure the security and confirmation of the project. This security request is a result of the 50-year concession deal employing the Build, Own, Operate, and Transfer (BOOT) model for the ESIC deep seaport project.
To secure the financing from EDIB International Limited, the Federal Government is expected to extend the concession term to 99 years, ensuring the return of the financier’s $27.29 billion investment with profit. Notably, the ownership of the ESIC deep seaport sub-project will revert to the FGN at the end of the 99-year concession period granted to MMCC.
MMCC Rear Admiral Andrew Omaolo .S. Okoja (rtd) highlighted the pivotal role of the ESIC project in driving economic development. The project, initiated in 2019, aims to transform 31,000 hectares of land in Delta State into a comprehensive complex, including a Deep Seaport, Crude oil refinery, Gas Complex, Free Trade Zone/Industrial Park, Independent Power Plant (IPP), Airport, and Nature Conservation Park.
The ESIC Deep Seaport is positioned as a gateway with multi-modal transportation connectivity to hinterland destinations, encompassing marine, rail, and road transportation. Furthermore, the project is set to benefit from the River Niger Canal project, a collaboration with the Suez Canal Authority (SCA) of Egypt, enabling the ESIC deep seaport to service inland ports along the River Niger.
MMCC Chairman Okoja emphasized that the ESIC project’s success would foster Foreign Direct Investment (FDI) and elevate the economies of the seven direct beneficiary states (Delta, Edo, Bayelsa, Imo, Anambra, Kogi, and Niger) from rural-driven economies to metropolis-driven economies of international stature. These states, along with Abuja, are set to become equity partners in the ESIC project, enjoying the right to use its capacity.
