Nigeria to generate N5bn from fisheries project

The Infrastructure Concession Regulatory Commission (ICRC) has said the federal government hopes to generate over N5 billion through the fisheries coastal terminal concession project currently being finalised.

The project is expected to further create jobs and boost foreign exchange earnings among other benefits to the economy.

The commission, in a statement by the acting Head, Media and Publicity, Manji Yarling, said the project aims to boost fish exports, and ensure the rehabilitation and upgrade of the terminal and operation of fishing trawlers.

The Federal Executive Council (FEC) last week approved the rehabilitation of the Federal Fishery Coastal Terminal in Ebughu Mbo Local Government Area of Akwa Ibom State.

The project was proposed by the Federal Ministry of Agriculture and Rural Development, and domiciled therein.

The brownfield project is to be carried out using the Finance, Rehabilitate, Operate, and Maintain PPP Model with Messrs Alfin Fisheries Limited as the concessionaire, the statement added.

The move is part of the efforts by the administration of President Muhammadu Buhari towards economic diversification, food security, and foreign exchange earnings among other benefits.

The commission explained that the project is part of moves by the federal government to reform the fisheries industry into an engine of economic growth as it is expected to create more jobs around the value chain and empower the youths within the host community.

The ICRC noted that primary objective of the concession is to develop and upgrade the fishery terminal facilities to a world class standard through private sector financing and operation.

The concession will span an 11-year period, with the upgrade and rehabilitation work expected to have been completed in the first year while the facility will be operated by the concessionaire for the next 10 years.

The terminal provides onshore services to fishing vessels, underwater vessels and offers repair and maintenance facilities.

It is also equipped for vessel handling, dry dock fishing/landing, processing and storage, among others.

Nigeria to generate N5bn from fisheries project

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