MMCC calls FG to intervene over non-issuance of Revalidation Letter for Escravos Seaport project

The Chairman of Mercury Maritime Concession Company (MMCC), Real Admiral Andrew Okoja (rtd) has disclosed that non-issuance of the Revalidation Letter by the Federal Government of Nigeria discourages financier from funding the Escravos Seaport Industrial Complex (ESIC) Project in Escravos, Delta State.

Real Admiral Okoja pointed out that ESIC project, which worth USD$27.29 billion and being promoted by his company, would have registered 20% performance by now if the Federal Government had issued the letter just as the Delta State had done since June 2024.

Okoja made this known at a media parley by MMCC in Lagos yesterday, calling on President Bola Ahmed Tinubu to intervene to make the project work.

The Chairman informed that the erstwhile Minister of Industry, Trade an Investments could not deliver the letter before she was redeployed four months later.

He said MMCC is inspired into developing ESIC Project in Escravos, Delta State, to create wealth and uplift the well being of Nigerians and will stimulate the economic development of Nigerians and impact directly on the economies of seven states of the Federation, namely: Delta, Edo, Bayelsa, Anambra, Kogi, Niger and FCT.

According to him, “ESIC project would have registered 20% performance by now since then, but for the challenges encountered by its Project Team; challenges arising from the non-issuance of the Revalidation Letter by the Federal Government (FG) to enable the Financier commit their funds to commence the development of the project. It is instructive to note that Delta State Government had it own Revalidation Letter issued since June 2024.

“President Bola Ahmed Tinubu is invited to please intervene to clear the seeming gridlock situation arising from the over one year neglect on the part of the Federal Government ministries in issuing Revalidation Letter to enable the financier of ESIC project commit its funds to commence the development of the project. These ministries are: Federal Ministry of Industry, Trade and Investments and Federal Ministry of Marine and Blue Economy.

“In the face of Nigeria’s current economic challenges and its attendant high unemployment rate, devaluation of naira, low productivity etc, the over one year  neglect on the part of these ministries to issue necessary Revalidation Letter so as to admit  USD $27.29 billion Foreign Direct Investment (FDI) into   Nigeria’s economy is a big  contradiction demanding explanation. This explanation is more so relevant, as the project concern (ESIC) fully supports President Bola Ahmed Tinubu ‘Renewed Hope’ Agenda.

“ESIC project aided by its hinterland marine, rail, road & Air connectivity is adjudged a truly national & subregional West/Central Africa deep seaport/FTZ driven infrastructure development project. It has great potential for bringing about massive turnaround of the economy of Nigeria and those of the sub regional countries impacted upon by the project.

“For strategic consideration and the need to exercise due freedom of choice, the financing of ESIC project should come from more than one country.

“ESIC project will add tremendous value to the so much taunted Africa Continental Free Trade Area (AfCFTA) which has Nigeria as one of its chief promoters.”