Business News of Tuesday, 4 February 2025

Source: www.mynigeria.com

New $3bn deep sea port project takes shape in Bayelsa state

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A big new deep sea port project is moving forward in Bayelsa State, as federal officials arrived this week to move plans forward for the $3 billion facility.

The port will be built in Agge, a community in Ekeremor Local Government Area.

The deep sea port project will bring together the Bayelsa State government, federal authorities, and private investors in a public-private partnership.

It is expected to reduce overcrowding at Nigeria’s existing ports while bringing jobs and economic growth to the region.

Adegboyega Oyetola, Minister of Marine and Blue Economy, stated: “This port will make Bayelsa State a key transport hub for both northeastern and southeastern Nigeria.”

The Agge port is part of a larger push to boost Nigeria’s shipping infrastructure.

Other deep sea ports are being developed in Badagry, Ondo, Ibom, and Bonny. Just last October, the government launched a new inland dry port in Ogun State.

The project gained momentum after Bayelsa’s governor met with Minister Oyetola in Abuja last October to discuss the state’s maritime potential. Bayelsa has also become the first coastal state to create its own Ministry of Marine and Blue Economy.

While the exact timeline for completion hasn’t been announced, the arrival of the federal steering committee suggests the project is moving into its next phase.