Lead promoter of the Escravos Seaport Industrial Complex (ESIC) project in Delta State, Mercury Maritime Concession Company, (MMCC), says Nigeria is on the verge of losing $27.29 billion investment in the project in Delta State and seven other States by the end of June.
In an issued statement on Tuesday, Andrew Okoja, whose firm is the concept developer and lead promoter of the ESIC project, said the offer may be lost due to the prolonged delay of final approval for the projects take-off from the federal government and Delta State.
He said the investors are ready to commit funds for the commencement of the project, adding that the slow pace in providing the necessary approvals may lead to Nigeria missing out on the desired creation of job opportunities for the citizens.
According to him, EDIB International of Hong Kong had early this year expressed its willingness to invest USD $27.29bn to develop the ESIC project whose deep seaport will be located in Escravos (Gbaramatu Island/Omadino) Warri South-West local government area of Delta State; a development to be effected through joint venture partnership (JVP) with a Nigerian firm, Mercury Maritime Concession Company Limited (MMCC).
In its first commitment letter, dated 19/01/2024 communicated to MMCC through Chief Kwame Springer, the Chairman of EDIB International Ltd, the financing company and their consultancy Blue Dot Wealth Ltd, outlined EDIB International Groups risk assessment and requirements for successful funding to be granted demanded the securing and protection of their investment by a guarantee of the Federal Government to control the proliferation of Free-Trade Zones in the country”.
Recall that the development of Escravos Seaport Industrial Complex (ESIC) project commenced in 2019 and aims to develop 31,000 hectares of Delta state land into a deep seaport, crude oil refinery, gas complex, independent power plant (IPP), airport, nature park, etc.
Okoja said the project is a development that promises to massively open up the States involved, including Abuja, to international investment in trade, commerce and industry.
The promoter said the ESIC project is complementary to the ongoing Lagos Calabar coastal road, adding that the protection sought is a 50-year renewable concession lease.
Okoja said this concession must be extended to 99 years for all other infrastructure and land to build own operate and transfer (BOOT) of ESIC deep seaport a free trade zone project which the Federal Government provisional approval was granted to MMCC in November 2020.
He, therefore, urged the Federal Government and Delta State to take advantage of the three weeks grace period before the expiration of this deadline to act, otherwise the funds set aside for ESIC will be diverted to other needy African nations.
