FG mandates concessionaire of Onitsha River Port to generate N50 billion in 30 years

The Federal Government has mandated the concessionaire of Onitsha River Port to generate N50 billion from the port in 30 years.

The concessionaire, Universal Elysium Consortium, received approval from the Federal Executive Council (FEC) to Rehabilitate-Operate and Transfer (ROT) for 30 years, with the target to generate revenue of over N50 billion.

Infrastructure Concession Regulatory Commission (ICRC) in a statement issued in Abuja yesterday said the Onitsha River Port “will serve as an alternative source of transporting goods to the Southeast from Lagos, Port Harcourt and other areas with adequate water connectivity”.

The ICRC said it commenced the regulatory process for the concession in 2011 with support from the World Bank.

The Onitsha River Port was officially opened more than 30 years ago, but has been neglected and not been optimally utilised.

The Onitsha River Port is one of the four River Ports in the country with others situated in Lokoja, Kogi State; Baro in Niger State and Oguta in Imo State.

According to the ICRC, “this concession is part of the bigger Federal Government’s plan to concession the remaining river portss and enhance inland waterways transportation in the country.

“The 30-year concession is expected to generate over N50 billion to the Federal Government and create thousands of direct and indirect jobs”.

It will also facilitate “efficient trade within the country through cheaper, easier and cleaner method of transporting goods and services.”

“The Port is equipped to deal with general cargo such as containers, bulk cargo and other packaged freight. The Port has a land area of over 12 hectares.”

“The wharf is 324 meters long with a further provision for additional expansion of 234 meters. The Port also has facilities such as storage workshops and parking areas to cater for operations.”

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