Onitsha River Port concession to generate over N50bn revenue ― ICRC

Published by

3 years ago

The Infrastructure Concession Regulatory Commission (ICRC) has said that the Onitsha River Port concession, which is under a Rehabilitate-Operate and Transfer (ROT) arrangement, targets to generate over N50 billion revenue.

The 30-year concession, which has received the approval of the Federal Executive Council (FEC) will serve as an alternative source of transporting goods to the South East from Lagos, Port Harcourt and other areas with adequate water connectivity.

The Ag. Head, Media and Publicity, Manji Yarling said the FEC’s approval followed a detailed process under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC) which commenced in 2011 with support from the World Bank.

The Onitsha River Port which was officially opened over three decades ago has not been optimally utilised, having been neglected for years, and it is one of the four River Ports in the country with others situated in Lokoja, Kogi State; Baro in Niger State and Oguta in Imo State.

ALSO READ FROM NIGERIAN TRIBUNE

Yarling pointed out that “This concession is part of the bigger Federal Government’s plan to concession the remaining river ports and enhance inland waterways transportation in the country.

“The 30-year concession is expected to generate over N50 billion to the Federal Government and create thousands of direct and indirect jobs, while facilitating more efficient trade within the country through cheaper, easier and cleaner method of transporting goods and services.

“The Port is equipped to deal with general cargo such as containers, bulk cargo and other packaged freight, and has a land area of over 12 Hectares.

“The wharf is 324 meters long with a further provision for additional expansion of 234 meters, and the Port also has facilities such as storage workshops and parking areas to cater for operations.”