The Federal Government got a boost to the Marine and Blue economy initiative as the EDIB International Limited of Hong Kong has expressed its willingness to provide finance for development of the 27.29 billion dollars Escravos Seaport Industrial Complex (ESIC) project.
The project located in Escravos, Warri South-West Local Government Area of Delta State is a development project to be implemented through a Joint Venture Partnership (JVP) with a Nigeria firm Mercury Maritime Concession Company Limited (MMCC).
According to Chief Kwame Springer, Chairman of EDIB International Limited through their consultancy Blue Dot Wealth Limited, EDIB International Limited is requesting that the Federal Government of Nigeria and the Local Government provide written confirmation of the Free Trade Zone (FTZ) in the country to provide security and confirmation of the project to be financed by EDIB International Limited.
The security sought after is as a result of the 50 years concession deal to Build, Own, Operate and Transfer the Escravos Seaport Industrial Complex, ESIC deep seaport project.
The Federal Government of Nigeria, is to ensure that the financier’s 27.29 billion dollars investment is returned with profit. The concession deal term is to be increased to 99 years for the ESIC project to secure funding from EDIB International Limited.
It is instructive to note that under the ESIC project deal, the ownership of ESIC deep seaport sub–project of ESIC will revert to the Federal
Government at the expiration of the 99 years concession period to be granted to Mercury Maritime Concession Company Limited, MMCC.
MMCC Retired Rear Admiral Andrew Okoja told the media that the decision by EDIB International to finance ESIC project is consequent upon the November 2020 provisional approval granted by the Federal Ministry of Transportation to MMCC to develop the ESIC project and the reviewed Federal Ministry of Transportation Confirmation Letter of August 2023 by the ministry.
The MMCC Chairman added that the seven direct ESIC project beneficiary states plus Abuja includes: Edo, Delta, Bayelsa, Imo, Anambra, Kogi and Niger.