Nigeria Signs Off on Ibom Seaport Project

zoom Nigeria’s Federal Executive Council has formally approved the ongoing development of the Ibom Deep Seaport & Free Trade Zone in Akwa Ibom State. The countrys President Muhammadu Buhari granted approval for the development of the project, providing the port with the official status of a Free Trade Zone. The project is monitored by the Ministerial Project Development and Steering Committee (MPDSC). FEC approval paves the way for the upcoming Public-Private-Partnership (PPP) Concession tender by means of which international port investors and operators are identified and selected for the development. The Ibom Deep Sea Port & Free Trade Zone is a Greenfield port and FTZ development in Akwa Ibom State in southeast Nigeria. The port is projected to become a cargo gateway for the vast central and eastern Nigerian markets and beyond. Felak Concept Limited (Abuja, Nigeria) and MTBS (Rotterdam, The Netherlands) are the transaction advisors for the project.