The Chairman of Mercury Maritime Concession Company (MMCC); Rear Admiral Andrew Okoja (rtd) has called on the Federal Government to issue a revalidation letter that is required to facilitate the financing and development of the $27.29 billion Escravos Seaport Industrial Complex (ESIC) project in Delta State.
Speaking during a global media parley held on Tuesday in Lagos, the chairman emphasized the project’s potential to catalyze economic development across multiple states and boost national prosperity.
At the media parley, the chairman highlighted that the ESIC project is designed to transform the Nigerian economy through the establishment of a world-class seaport that will serve as a hub for trade, commerce, and industrial activities.
The project he said is projected to directly impact the economies of seven states: Delta, Edo, Bayelsa, Anambra, Kogi, Niger, and the Federal Capital Territory (FCT).
He explained that seaports are synonymous with wealth creation, acting as gateways for raw materials, semi-processed goods, and finished products. By tapping into these opportunities, he explained that the ESIC project aims to uplift the well-being of Nigerians and enhance the country’s economic profile.
However, he said the project has been stalled due to the Federal Government’s delay in issuing the revalidation letter needed for its implementation. According to the chairman, the Delta State Government issued its revalidation letter as far back as June 2024, but the absence of the Federal Government’s approval has prevented financiers from committing their funds.
The chairman noted that significant progress could have been achieved by now, with an estimated 20% of the project completed, if the revalidation letter had been issued earlier.
He recalled that this issue was first raised at a similar media parley in June 2024 but was left unresolved due to a ministerial redeployment.
In his address, the MMCC chairman appealed to President Bola Ahmed Tinubu to intervene and expedite the process.
He expressed optimism that the outcome of the media parley would lead to the issuance of the long-awaited revalidation letter, allowing the project to proceed to its next development phase.
Speaking further he said the Escravos Seaport Industrial Complex is not just an infrastructure project but a transformative economic initiative with the potential to redefine Nigeria’s maritime and industrial landscape.
He further reiterated the MMCC commitment to delivering this project and is hopeful that the Federal Government will take swift action to ensure its realization.
