 Top 5 seaports being built in Nigeria worth $13 billion. A seaport is a harbor on or near the coast that supports seagoing vessels. At such a location, there is a town or city. The importance of the seas to Nigeria's economy and the economy of any other country on the planet is obvious, with Nigeria accounting for up to 25% of Africa's total consumption. The country's major seaports are expected to be constructed along its coastlines. As a result, the country's foreign exchange reserves and trades have increased dramatically. Simply said, the import and export of a wide range of items, including petroleum products, food, textiles, and technological equipment, generates this enormous value. The Nigerian Ports Authority, NPA, signed a collaboration agreement with Belgium's Port of Antwerp in November 2019 to increase the potential of its six seaports and boost its position as a top maritime center in West Africa as part of the agreement. The Port of Antwerp will assist the NPA on the development of the Port of Lagos, which it views as crucial in handling cargo movements to and from Europe, with over 8,000 kilometers of navigable inland and coastal canals that help manage between 40% and 60% of freight flows in the north and central African sub-region. Nigeria is a potential goldmine for many European and international enterprises trying to secure contracts in the marine industry. Despite these encouraging signs, port activity in the country is nevertheless constrained by obsolete infrastructure, capacity limits, and a lack of technological advancements. If the NPA wants to maintain its dominance in West Africa, it will try to resolve these issues with Antwerp's help. In this video, we'll look at the top $513 billion seaports being developed in Nigeria. Please like and subscribe to Africa Reloaded before we begin. 5. Worried Deep Seaport The Infrastructure Concession Regulatory Commission, ICRC, recently indicated that the $3.9 billion Worried Deep Seaports financial due diligence, FDD, would be completed soon. The Commission's Director of Transport Infrastructure, Mr. Immanuel Anwerty, said this while touring the Lagos-E-Badden Standard Gauge Rail project. He stated that the Worried Deep Seaport offer letter had been produced and was currently awaiting clearance by the Federal Executive Council, FEC. Hopefully, after the necessary and thorough studies are completed and the FDD is completed, he continued, We will be able to achieve financial close, and the contractor will be able to draw down funds for the project. He asserted that China's CRCCI is the concessionaire for the port. Given the zeal with which this project is being pursued, it is safe to assume that if FEC had been in place, the project would have been completed in funding, would have been allocated to begin work on the harbor. The E-Attack Abuser Rail contract implies that the Worried Deep Seaport be operational. Mr. Anwerty said, emphasizing that the project is vital. The Federal Government of Nigeria has given its clearance for the construction of Back SE Deep Seaport to continue. The Governor of Cross River State, Prof Ben Ayade, revealed the report and added that the authorization has cleared the way for the port to commence commercial operations. Prof Ben Ayade stated, We have gained formal permission for the Back SE Deep Seaport Outline Business Case. The Nigerian Government has now formally acknowledged the Back SE Deep Seaport, giving us the green light to continue forward with the comprehensive business case. The Back SE Deep Seaport, which would act as the country's landlocked northeast sea entrance, will be Nigeria's second trading port after Apapa. This is the case because the rest of the ports are oil terminals. The project is being developed with the help of interim transaction advisors, the Infrastructure Bank, and China Harbor. The proposal includes an evacuation corridor and a six-lane highway connecting the port to the north. From Back SE in the south to the northern portion of the state, which borders Benua State in northern Nigeria, the proposed six-lane highway would run the length of the state's geographical space. 3. Bony Deep Seaport According to the Nigerian Federal Government, construction on the projected Bony Deep Seaport in Bony or rather Iibani, an island settlement and a local government area in river state in southern Nigeria on the Bight of Bony will begin by the end of 2021. In a news release, the Minister of Transportation, Mr. Rodami Amici, stated that the project would be carried out concurrently with the expansion of the Port Harcourt-Majigiri train line, which runs to the aforementioned seaport. 2. Ibum Deep Seaport The Ibum Deep Seaport is designed for exceptionally large ships that can carry over 13,000 containers in a single voyage. It will serve as a transshipment port, with smaller ships transferring cargo from larger ships to seaports and river ports closer to consignies both inside and outside Nigeria. In Aqwa Ibum State, the IDSP is a federal government program led by the Nigerian Port Authority and the Federal Ministry of Transport. Global Maritime and Port Services PTE Limited is in charge of the acquisition. JDZ Sautame, Equatorial Guinea, Cameroon, Angola, Gabon, Congo, Congo DRC, Chad and other countries in the west and central African region are all strategically located to serve the region. For port development, a total of 5,129 hectares have been set aside. 1. Lecky Deep Seaport The Lecky Deep Seaport, now under construction in the heart of the Lagos Free Trade Zone, is a multi-purpose deep seaport that is intended to be one of west Africa's most modern ports, assisting Nigerias and the region's burgeoning commercial operations. It is the largest seaport in Nigeria and one of the largest in West Africa. The Port of Lecky will be expanded to handle about 6 million TEU of containers, as well as a considerable number of uncontainerized liquid and dry bulk commodities. Ships capable of hauling over 14,500 tons of cargo will dock at the port. The port will be constructed in phases. Its first phase, slated to open in 2018, will have three container berths, one for dry bulk cargo and two for liquid cargo, with a total capacity of more than 1.8 million TEU. As of March 2021, the port is being funded by a consortium of banks and private investors with a total investment of $1.5 billion. The ports will use up to 90 hectares of land. It will be completed in 2023, with operations beginning in the first half of that year. Around a million people are employed in Nigerian seaports, either directly or indirectly. According to the Nigerian Ports Authority, seaports contribute roughly $143 billion to the Federal Reserve. Each of these ports has its own set of features and functions that distinguish it from the rest. If you plan to do any type of trading that requires ocean transit, this video is for you. Thank you for taking the time to watch this video. I hope you found this video informative. If you enjoyed it, please like, share, and subscribe to receive future updates from Africa Reloaded.