The Infrastructure Concessions Regulatory Commission (ICRC) has said that the Federal Government would generate more than N5 billion through the planned Coastal Fishing Terminal Concession project.
This was said in a statement issued by the ICRC Acting Head, Media and Publicity.
According to her, the project would also create jobs and increase the income of foreign exchange, since it sought, among other things, to boost the export of fish, as well as to ensure the rehabilitation and improvement of the terminal and the operations of the fishing boats.
He also said that the Executive Council (FEC) had approved the plan for the rehabilitation of the Federal Coastal Fishing Terminal, in the Ebughu Mbo Local Government Area of Akwa Ibom State.
Yarling said that the project was proposed in the Federal Ministry of Agriculture and Rural Development.
“The brownfield project will be carried out using the Fice, Rehabilitate, Operate, and Maintenance Public Private Partnership (PPP) model with Messrs Alfin Fisheries Limited as the concessionaire.
“The measure is part of President Muhammadu Buhari’s efforts for economic diversification, food security, foreign exchange earnings, among other benefits,” he added.
He said that the main objective of the concession was to develop and improve the facilities of the fishing terminal to a world-class standard, through the operation and financing of the private sector.
The concession is expected to span a period of 11 years, with the upgrading and rehabilitation work expected to be completed in the first year, while the facility would operate for the next 10 years.
The terminal provides onshore services to fishing vessels, submarine vessels, and also repair and maintenance facilities, as it was equipped for vessel handling, fishing/dry-docking, processing, and storage, among others.
“The project is part of the Government’s moves to reform the fishing industry and turn it into an engine of economic growth.
“This is because it is expected to create more value chain jobs and empower youth within the host community in Akwa Ibom State.”
The Nigerian News Agency reports that the ICRC was established to regulate the Federal Government’s PPP efforts, aimed at addressing Nigeria‘s physical infrastructure deficit that hampers economic development.
NAN
