Ibom Deep Sea Port to cost $1.7B – Engr Etido Inyang

Inyang

* Free Trade zone license obtained…
* Final Business Case to be ready soon

The proposed Ibom Deep Sea Port Project is to cost about $1.7 Billion. This was disclosed recently by the Hon Commissioner for Special Duties, Engr. Etido Inyang,FNSE while answering questions on a live radio programme on Planet 101.FM.  Engr Inyang  revealed that  the burden of funding the project did not rest squarely on the state Government as the project would be funded via a tripartite arrangement. “The Ibom Deep Sea Port is to be  funded by the state and federal Governments as well as by a private investor using a 20-20-60 sharing module”, the Hon Commissioner  stated. He explained further that the state and Federal Governments would each contribute 20% of the funding while the private investor would bring in about 60% of the funding, revealing that because of the magnitude of funds involved, the project needed to be private sector driven.

Engr. Inyang disclosed that the State Government was working assiduously and in tandem with the federal Government to ensure a smooth take-off of the project. He said, “the State Government is working in concert with the Federal Ministry of Transportation to ensue the realization of the project.
Only recently the Managing Director of the Nigerian Ports Authority, NPA was presented with the C of O of the 14,400 hectares of acquire land  for the project while on a visit to the state Governor”. He added that   Government had also appointed a former MD of NIMASA, Mrs Mfon UsoroSAN to chair the project’s technical committee  and asked  rhetorically “who in this state can beat her credentials as a thoroughbred maritime expert”.
The Special Duties Ministry boss further disclosed that the State Government had engaged the renowned accounting firm, Pricewater Coppers to come up with the Final Business Case for the project and that in no time the operators would be on ground. He also stated that the government had secured the services of a leading  global maritime brand, G-Maps as the Transaction Advisers for the Deep Sea Port Project while Dal-Andersan, a big time maritime player would serve  as the Transaction Advisers for the Ibom Industrial City  Project.
Speaking further on the Industrial city, the Hon Commissioner said that the Ibom Deep Sea Port was a sub-set of the larger Ibom Industrial city. He said, “Government’s vision is to make the state the Trans-shipment zone for the entire Gulf of Guinea. We intend to use the Deep Sea Port to drive the Industrial city”. He went on to disclose that with a Maritime brand like Dal-Anderson the designers of the Dubai Seaport as the Transaction Advisers, government’s vision to be the Trans-shipment zone for the Gulf of Guinea was realizable.
On the recent criticism of the nomenclature for the Ibom Deep Seaport Project, Engr. Inyang reasoned that it was infantile for anyone to argue that the project must of necessity be called Ibaka Deep Seaport. He drew the attention of such critics to the names of other State-owned facilities such as Ibom International Airport, Ibom hall, Ibom e-library, etc and wondered what was special about the name of the seaport. Engr. Inyang further argued that even it terms of its scope and the landmass the proposed project occupies, its presence spans beyond Ibaka in Mbo L.G.A
Responding to questions on the true state of the Tropicana project, the Hon. Commissioner allayed the fears expressed in some quarters that the project had been abandoned. He disclosed that Government was talking with numerous private investors for them to come over and manage the theme parks, shopping mall and 14 story hotel complex, assuring that once the negotiations were completed, the investors would kick-off operations at the sites.
He also talked on Government’s efforts to revamp the various water works in the state and enhance the reticulation of water to members of the public. Already, according to the Hon. Commissioner. “the Idu and Ifa Atai Water works have been revamped and inaugurated by the State Governor and the people are enjoying  portable water sourced from the depth of over 500 meters with proper ionization process carried out”.
On the industrialization drive of the present administration, the Hon Commissioner summed that the 2016 budget was designed to fast track the process. He called on the people of the state to close ranks and support the Deacon Udom Gabriel Emmanuel led administration has it possessed the financial discipline and frugal expertise to lead the state at a time like now.