July 1, 2022
FG reaches commercial close for N4bn Onitsha Port concession – ICRC
The Federal Government has reached commercial close for the concession of the Onitsha River Port to a private sector developer, Universal Elysium Consortium for a concession period of 30 years.
The concession which is under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC), is for a concession period of 30 years.
Speaking after the signing of the agreement, the Acting Director General of the ICRC Michael Ohiani said that the concession the project will attract an investment of over N4 billion, adding that it will reduce the burden on the roads and the high costs associated with it.
He explained that with the commercial close already done, the next step would be the financial close and the project will kick off in earnest.
Speaking earlier during the agreement signing ceremony, the Minister of State for Transportation, Sen. Gbemisola Saraki said that the project will catalyse the development of other river ports across Nigeria.
She commended the ICRC and the Nigerian Inland Water Ways Authority (NIWA) for the laudable achievement, charging the ICRC to fastrack the already received proposals for the development of other river ports.
Saraki said that the river port will not only bring about economic development for the region and for Nigeria, it will also create other businesses and jobs for Nigerians.
Also speaking Managing Director of NIWA, George Moghalu hinted that the Onitsha River Port was very cardinal to reducing the burden on our roads.
He said that 60 percent of the containers that are imported into Lagos state, end up in Onitsha and Aba through heavy duty haulage trucks.
He said that the continuous haulage of such heavy containers across Nigerian roads will continue to take its toll on the roads.
He therefore said that a good way to address the pressures on Nigerians roads is to make more similar investments in the nation’s waterways, hinting that proposals already abound for the development of other river ports.
The Onitsha River Port is equipped to deal with general cargo such as containers, bulk cargo and other packaged freight. The Port has a land area of over 12 Hectares.
The wharf is 324 meters long with a further provision for additional expansion of 234 meters. The Port also has facilities such as storage workshops and parking areas to cater for operations. END
Ag. Head, Media and Publicity
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