The Akwa Ibom State Government has said aboutÂ $89 billion is needed to build its deep seaport project situated in Ibaka, Mbo Local Government Area.
The money which will be sourced locally and internationally from investors by the government is expected to be spread over a 10-year period.
The project if completed will create employment opportunities for hundreds of youths in the state says the Chairman of Akwa Ibom Investment Corporation, Dr. Ephraim Akpan, while addressing participants at the First Akwa Ibom Business Summit held recently in the state.
According to him, abbot $2 billion would be required to complete the first phase of the project which would accommodate the export processing zone. He also says the present administration of Akwa Ibom state is committed 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.
He also added â€œThe state government has good intensions for small and medium scale enterprises (SMEs) but we also encourage them to have a credible business plan. This is very important because we need to expand the middle class in order to make the economy buoyant and improve the general wellbeing of the peopleâ€.