February 18, (THEWILL) – The Infrastructure Concession Regulatory Commission (ICRC), on Friday, disclosed that the Fisheries Coastal Terminal Concession project is expected to boost foreign exchange earnings and generate over N5 billion revenue within the concession period.
Acting Head, Media and Publicity of ICRC, Manji Yarling, in a statement, said the project would also create jobs and boost foreign exchange earnings, as it sought to, among others, target a boost in the exportation of fish, as well as ensure the rehabilitation and upgrading of the terminal and operations of fishing trawlers.
She also said that the plan had been approved by the Federal Executive Council (FEC), for the rehabilitation of the Federal Fisheries Coastal Terminal, at Ebughu Mbo Local Government Area of Akwa Ibom State.
Yarling said the project was proposed by and domiciled in the Federal Ministry of Agriculture and Rural Development.
“The brownfield project is to 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 is part of efforts by the administration of President Muhammadu Buhari to economic diversification, food security, foreign exchange earnings, among other benefits”, she added.
Yarling said that the primary objective of the concession was to develop and upgrade the fisheries terminal facilities to world class standard, through private sector financing and operation.
The concession is expected to span an 11-year period, with the upgrade and rehabilitation work expected to have been completed in the first year, while the facility would be operated by the concessionaire for the following 10 years.
The terminal provides onshore services to fishing vessels, underwater vessels and also repair and maintenance facilities, as it was equipped for vessel handling, dry dock fishing/landing, processing and storage, among others.
“The project is part of moves by the Federal Government to reform the fisheries industry into an engine of economic growth.
“This is because it is expected to create more jobs around the value chain and empower the youths within the host community in Akwa Ibom state”, she added.
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