Nigeria may experience a $27.29 billion investment loss in the Escravos Seaport Industrial Complex project in Delta state.
This is projected to happen by the end of June.
The Chairman of Mercury Maritime Concession Company, Rear Admiral Andrew Okoja (rtd), disclosed this in a speech on Tuesday.
Andrew said the loss was as a result of the prolonged delay by both the Federal and Delta State Governments to give final approval for the project’s take-off.
He said “recall that EDIB International of Hong Kong had early this year expressed its willingness to invest $27.29bn to develop the ESIC project, whose deep seaport would be located in Escravos (Gbaramatu Island/Omadino) Warri South-West Local Government Area of Delta State.”
“Investors were ready to commit funds for the commencement of the project.”
The development of the ESIC project, which commenced in 2019, aims to develop 31,000 hectares of land in Delta State into a deep seaport, crude oil refinery, gas complex, independent power plant, airport, and nature park among others.
Okoja pointed out that the slow pace at which the Federal and Delta State Governments were providing necessary approvals could result in Nigeria missing out on creating job opportunities for its citizens.
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