The federal government has granted a concession at the Onitsha River Port in the state of Anambra for N4 billion.
As part of the agreement, which is a public-private partnership (PPP), the federal government also get N23 billion over the course of the 30-year concession.
The facility, which has been the subject of concession discussions for more than five years, was ultimately concessioned to Universal Elysium Consortium, which won the contract after competing in an open bid procedure to become the preferred concessionaire.
The Universal Elysium Consortium is made up of China National Electrical Engineering Limited (EPC Contractor), Port of ANTWERP (Technical Partner), Universal Elysium Limited (Lead Investor), and China Harbor Engineering Company (Nig.) Ltd. (Technical Partner).
The Minister of State for Transportation, Sen. Gbemisola Saraki said the Onitsha River Port concession will also be the catalyst for the rest of the River ports to concessioned.
She also said the concession when fully optimised will attract economic benefits and create employment which is critical to our economy adding that it will also help with the issue with insecurity in the country.
She promised that the ministry of Transportation will support the process till the financial closure of the concession.
The Infrastructure Concession Regulatory Commission (ICRC) midwifed the concession process.
Saraki also said the functionality of the River Ports will also decongest the seaports thus the other river ports Baro, Lokoja and Oguta will also be concessioned.