The concessioning of the Fisheries Coastal Terminal will generate over N5 billion revenue, create jobs, and boost foreign exchange earnings, rhe Infrastructure Concession Regulatory Commission (ICRC) has said.
The ICRC said the project targeting at boosting the exportation of fishes would ensure the rehabilitation and upgrade of the terminal and operation of fishing trawlers in the country.
The Executive Council of the Federation approved the rehabilitation of the Federal Fishery Coastal Terminal, Ebughu in Mbo Local Government Area of Akwa Ibom State.
Domiciled in the Federal Ministry of Agriculture and Rural Development, the ICPC said the brownfield project would be carried out using the Finance, Rehabilitate, Operate, and Maintain public private partnership (PPP) model with Messrs Alfin Fisheries Limited as the Concessionaire.
The move, the Commission said, was part of the effort by the President Muhammadu Buhari administration towards economic diversification, food security, foreign exchange earnings, among other benefits.
“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.
“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 facility will be operated by the concessionaire for the next 10 years,” the ICRC said.
The Terminal, the ICRC said, would provide onshore services to fishing vessels, underwater vessels and also offers repair and maintenance facilities, apart from equipment for vessel handling, dry dock fishing/landing, processing and storage, among others.
The project is also 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.