The chairman of the Escravos Seaport Industrial Complex (ESIC) project, Okoja, has revealed that the financiers for the massive initiative, including EDIB International from Hong Kong and Impact Global, a Swiss group, are ready to commit $27.29 billion.
However, they are awaiting the revalidation letter from the federal government as a guarantee before proceeding with the project.
In a statement, Okoja emphasized that while the government approvals for the Lagos-based project have been in place since 2020, the revalidation letter is crucial to instill greater confidence in the financiers.
The letter is seen as a security measure to assure the financial backers, who are prepared to proceed once the government confirms their support.
Okoja further urged the ministries of marine and blue economy, as well as industry, trade, and investment, to expedite the process, as the delay is hampering economic progress.
He expressed gratitude to President Bola Tinubu for his intervention, directing the National Inland Waterways Authority (NIWA) to engage with the Mercury Maritime Concession Company (MMCC), which has led to initial progress.
Additionally, Okoja thanked Delta State Governor Sheriff Oborevwori for granting access to 1,000 hectares of land for the development of the project, further demonstrating the collaborative efforts to ensure the success of the ESIC.
The project is expected to significantly impact the region’s economic growth, and the timely release of the revalidation letter is now key to moving forward.