How FG plans to earn 5 billion naira from the coastal fishing terminal concession project – ICRC
The Infrastructure Concessions Regulatory Commission (ICRC) has said that the federal government is expected to generate the sum of N5 billion from the coastal fishing terminal concession project.
This was revealed in a statement by Manji Yarling, the ICRC’s acting head of media and publicity, on Friday, according to the News Agency of Nigeria.
She added that the FEC has approved the rehabilitation of the Coastal Federal Fisheries Terminal, in Ebughu Mbo Local Government Area of Akwa Ibom State and is expected to operate and maintain a public-private partnership (PPP) model. .
What they say about the project
The ICRC said the project is expected to create jobs and boost foreign exchange earnings as Nigeria seeks to boost its fish exports and ensure the rehabilitation and modernization of the terminal and fishing trawler operations.
This comes after the Federal Executive Council (FEC) approved the rehabilitation of the Federal Coastal Fisheries Terminal, in Ebughu Mbo Local Government Area of Akwa Ibom State,
“The brownfield project is to be carried out using the public-private partnership (PPP) model of financing, rehabilitation, operation and maintenance with MM. Alfin Fisheries Limited as licensee.
“This decision is part of the efforts made by the administration of President Muhammadu Buhari for economic diversification, food security, foreign exchange earnings, among other benefits,” Yarling said.
She also said the concession will develop and upgrade terminal facilities to world-class standards and is expected to span a period of 11 years, with upgrades to be completed in the first year. Terminals should also include shore services for fishing vessels, submarine vessels as well as repair and maintenance facilities, dry dock fishing/landing, processing and storage
“The project is part of the federal government’s efforts to reform the fishing industry into an engine of economic growth.
“Indeed, it is expected to create more jobs around the value chain and empower the youth within the host community in Akwa Ibom State,” she added.