-
Seeks revalidation letter for $27.29bn Escravos Seaport project
By Steve Agbota
The Chairman of Mercury Maritime Concession Company Limited (MMCC), Admiral Andrew Okoja, has outlined his expectations for Nigeria’s maritime industry in 2025, stressing the need for substantial development and sector-wide transformation.
Okoja is also seeking a revalidation letter for the commencement of the $27.29 billion Escravos Seaport Industrial Complex (ESIC) project.
Speaking on the nation’s maritime outlook, Admiral Okoja emphasised that the anticipated start of the ESIC project would be pivotal for progress. He highlighted the importance of optimising Nigeria’s multimodal transportation system—integrating marine, rail, road, and air networks—to drive significant improvements within the industry.
“The transformation will be aimed at maximising economic development by stimulating investment, commerce, trade, and industries,” Okoja stated.
He expressed confidence that 2025 will be a turning point for the maritime sector, laying the groundwork for long-term economic growth and infrastructural advancement.
Admiral Okoja noted that while the project aligns with President Bola Ahmed Tinubu’s renewed hope agenda, delays by relevant government agencies in issuing the necessary revalidation letter are hindering the project’s progress.
“As it stands, only the Delta State government has fulfilled its obligation by providing validation for the project, estimated at $27.29 billion, which includes funding for the Escravos Seaport Industrial Complex (ESIC) project in Delta State and related seven beneficiary states,” he added.
He attributed the delay to the federal government’s prolonged inaction in granting final approval for the project’s commencement.
Okoja, whose firm is the concept developer and lead promoter of the ESIC project, stated that investors are ready to commit funds for the project’s initiation.