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Thursday, 02 July 2015

Calabar consortium raises €500m for Nigerian port project

The developers of Nigeria’s proposed Calabar deepwater port have reportedly raised €500 million in financing for the project to date with  dredging activities at the site now underway.

Broad Spectrum Industrial Services,  the investment consortium behind the project is developing  the port under a Public Private Partnership (PPP) arrangement with  involvement from the office of the Cross River State Governor.

The new port is designed to have a minimum draught of 10 metres in order to accept the larger modern vessels and attract economic growth to the South Eastern state of Cross River.

Dredging is being carried out by Calabar Channel Man­agement Limited (CCM) a Spe­cial Purpose Vehicle (SPV) led by the Nigerian Ports Authority (NPA) and comprising a consortium of Niger Global Engineering & Tech­nical Company Limited, Royal Boskalis and Westminster Dredging.

The Port of Calabar has seen growing demand from the country’s oil and gas industry as increasing volumes of petroleum imports and exports transit via the port. The government has also established the Calabar Free Trade Zone (CFTZ) to attract further investment via f duty waivers and other incentives.

Authorities are actively seeking further investment to the site with around 160 hectares of land already set aside for new port development investors.

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