THE Fisheries Coastal Terminal Concession project is expected to generate about N5 billion, create massive jobs and boost the government’s foreign exchange earnings, the Infrastructure Concession Regulatory Commission (ICRC) has said.
The project, which among others, hopes to boost the exportation of fish, will ensure the rehabilitation and upgrade of the terminal and operation of fishing trawlers.
The Commission hinted that the plan follows the approval of the Federal Executive Council (FEC) for the rehabilitation of the Federal Fishery Coastal Terminal, Ebughu Mbo Local Government Area of Akwa Ibom State.
Proposed by and domiciled in the Federal Ministry of Agriculture and Rural Development, the brownfield project is to be carried out using the finance, rehabilitate, operate, and maintain Public-Private Partnership (PPP) model with Messrs Alfin Fisheries Limited as the Concessionaire.
It added that the move is part of the effort by the administration of President Muhammadu Buhari towards economic diversification, food security, and foreign exchange earnings among other benefits.
A statement by the Acting Head, Media and Publicity of the Commission, Manji Yarling said the 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.
He added: “Total expected earnings on the project within the concession period is estimated at over N5 billion. 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 concessionaire will operate the facility for the next 10 years. The Terminal provides onshore services to fishing vessels, underwater vessels and also offers repair and maintenance facilities. It is also equipped for vessel handling, dry dock fishing/landing, processing and storage, among others.
He stated 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 of Akwa Ibom State.