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Governor of Cross River state, Bassey Otu on Wednesday said, the state has secured a $3.5 billion loan from the African Export-Import Bank (Afreximbank).
In a post on X on Tuesday, the governor said the funding, which is expected to foster infrastructure projects, is for the Bakassi deep seaport in Cross River.
He said, “Exciting news! Secured $3.5bn Afreximbank funding for Bakassi Deep Seaport in Cross River State, boosting key infrastructure projects.
“Our collaboration with Afreximbank in Cairo is a game-changer for economic growth and development in the state.
The Bakassi seaport project, which was approved by the federal government in 2019, is expected to be situated on a perimeter area of about 36,000 hectares under a public-private partnership (PPP) arrangement.
Afreximbank, on February 28, said Nigeria is among the largest beneficiaries of funding in Africa’s energy sector.
