The Infrastructure Concession Regulatory Commission (ICRC) has said that the Onitsha River Port will serve as an alternative source of transporting goods to the South East from Lagos, Port Harcourt and other areas with adequate water connectivity.
A statement by the Ag. Head, Media and Publicity, Manji Yarling said the 30-year concession, approved by the Federal Executive Council (FEC) under a Rehabilitate-Operate and Transfer (ROT) arrangement, targets a revenue generation of N50 billion.
“The approval followed a detailed process under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC) which commenced in 2011 with support from the World Bank,” the statement added.
The Onitsha River Port was officially opened over three (3) decades ago but has been neglected and not been optimally utilized.
The Onitsha River Port is one of the 4 River Ports in the country with others situated in Lokoja, Kogi State; Baro in Niger State and Oguta in Imo State.
“This concession is part of the bigger Federal Government’s plan to concession the remaining river ports 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, while facilitating more efficient trade within the country through cheaper, easier and cleaner method of transporting goods and services.”
