New Telegraph

Investors jostle to develop Port Ondo

There is hint that private investors are already jostling for the construction and development of Port Ondo as the Ondo State Government received the Outline Business Case (OBC). OBC is one of the critical requirements preceding port declaration and showcases the project as a multipurpose deepsea port.

The Governor of the state, Arakunrin Oluwarotimi Akeredolu, while receiving the OBC in Akure, expressed satisfaction with the level of cooperation by his administration at establishing Port Ondo, saying that the confidence of the consulting firm on the viability of the project was a pointer to its eventual success.

He noted that lack of continuity and abandonment of projects by successive administrations was the greatest problem retarding the development of most states in Nigeria, saying that if the vision of the Olusegun Agagu administration on establishing a seaport for Ondo State had been kept alive by the immediate past administration, Ondo State would by now become a critical player in the maritime sector. The governor explained that the avalanche of resources the state was blessed with, within its riverine communities coupled with the fact that the state had the longest coastline in the country would make the proposed port the hub for the West Africa sub-region. Akeredolu said: “This port is very important to me, to the people of the state, Nigeria and indeed West Africa. We are going to pursue this dream with vigour.”

The Head of the Consulting Firm, OIM-FBS Consortium, Mr Ekong Etim, said the OBC was essentially a confirmation of the governor’s vision that the port was a productive business; worthy of venturing into by both the public and private ownership structure it is designed for.

He said: “We are happy that our report confirms that the governor’s vision is viable. It’s viability has been carefully assessed technically, legally, financially, and economically.” Etim said that the OBC had been submitted to the NPA for onward processing through the Federal Ministry of Transportation and would subsequently receive the attention of Infrastructure Concession Regulatory Commission (ICRC), for the issuance of Certificate of Compliance, adding that at the procurement stage which is the final, prospective investors would be invited to form a consortium to finance the deep seaport project. Also, Special Adviser to the Governor on Development and Investment/Chief Executive Officer, Ondo State Development and Investment Promotion Agency (ONDIPA), Boye Oyewumi, said: “In two years, we have been to places where people have not been in 14 to 16 years, that is no mean feat. “Commitment starts from political will and the determination that whatever happens, this project must come to fruition.

So we thank the Governor for being actively involved in the project.” Oyewumi, who described the project as an investment magnet, assured that given the location, it would enjoy the interest of international investors. He said: “The construction of the port is off the state’s balance sheet. That means it will not be funded from the coffers of the state. Private investors would develop the port.

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