ICRC set to conclude FDD for $3.9bn Warri seaport project

THE Infrastructure Concession Regulatory Commission (ICRC) is set to complete the Financial Due Diligence (FDD) for the $3.9 billion Warri deep seaport.

Disclosing this to the Board of the Nigerian Railway Corporation (NRC) during its maiden inspection of the Lagos-Ibadan standard gauge rail project, the Director, Transport Infrastructure of the ICRC, Mr Onwordi Emmanuel explained that the projects offer letter has already been drawn, subject o the approval of the Federal Executive Council (FEC).

According to Mr Onwordi, “The Warri deep seaport project was approved by the Federal Executive Council (FEC) just towards the end of the President Mohammadu Buhari first term administration. It was approved at a cost of $3.9 billion. The concessionaire is the CRCCI in China.

“The Itake-Abuja rail project is expected to link up with the Warri port. The Itakpe-Abuja rail contract entails that the Warri deep seaport must be operational. So the stage we are in now for the Warri port is to conclude the FDD.

“The offer letter has already been drawn, subsequent to the approval of FEC. Hopefully, when the necessary and detailed studies are completed, and the FDD rounded up, then we can attain financial close where the contractor can draw down cash for the project.”

On the Coastal rail lines, the ICRC Director explained that efforts are ongoing with the Ministry of Transportation to see how such project ideas can be sold to investors.

“The Coastal rail lines are currently being looked at. We are working with the Ministry of Transportation to see how we can bring the coastal rail projects to investors. The ICRC is fully ready to ensure many of these projects get certified and operational.”