Home Business FG targets N50bn from Onitsha River Port concession

FG targets N50bn from Onitsha River Port concession

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The Infrastructure Concession Regulatory Commission has said that the Onitsha River Port concession has the capacity to generate N50bn in revenue.

The 30-year concession was approved on Wednesday by the Federal Executive Council, under a Rehabilitate-Operate and Transfer arrangement.

The approval followed a detailed process under the regulatory guidance of the ICRC which commenced in 2011 with support from the World Bank.

According to the ICRC, the Port 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 Commission made these known in a statement issued on Thursday by its Acting Head, Media and Publicity, Manji Yarling.

It was titled, ‘Onitsha River Port concession to connect Lagos to S/East, others, generate N50bn – ICRC’.

The statement disclosed that the Onitsha River Port was officially opened over three decades ago but has been neglected and underutilized.

It said that the Port 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.
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“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 a 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. The Port has a land area of over 12 Hectares.”

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