- November 7, 2015
- Posted by: Website Admin
- Category: Akwa Ibom, Business, National News, South-South, Uncategorized
Chairman of Akwa Ibom Investment Corporation, Ephraim Akpan, says the State Government is concluding plans to raise about 89 billion dollars to build its deep seaport project situated in Ibaka, Mbo Local Government Area.
Addressing participants at the First Akwa Ibom Business Summit held recently in the state, said about 2 billion dollars would be required to complete the first phase of the project which would accommodate the export processing zone.
The money, according to the investment boss, which is being sourced from local and international investors, is expected to be spread over a 10-year period, adding that a Memorandum of Understanding has been signed with the Bank of Industry to provide fund for the SMEs while it has pre-qualified about 60 companies for the loans.
Akpan explained that the funds are needed to execute the multi-billion naira project expected to create employment opportunities for hundreds of youth presently roaming the streets for non-existent job openings in the state.
He restated the present administration’s commitment to the realization of the project in spite of its enormous cost as the project remained the gateway to the economic emancipation and industrialization of the region.