The Infrastructure Concession Regulatory Commission (ICRC) has said that the Onitsha River Port concession, which is under a Rehabilitate-Operate and Transfer (ROT) arrangement, targets to generate over N50 billion revenue.
The 30-year concession, which has received the approval of the Federal Executive Council (FEC) will serve as an alternative source of transporting goods to the South East from Lagos, Port Harcourt and other areas with adequate water connectivity.
The Ag. Head, Media and Publicity, Manji Yarling said the FEC’s approval followed a detailed process under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC) which commenced in 2011 with support from the World Bank.
The Onitsha River Port which was officially opened over three decades ago has not been optimally utilised, having been neglected for years, and it is one of the four River Ports in the country with others situated in Lokoja, Kogi State; Baro in Niger State and Oguta in Imo State.
Credit: Nigerian Tribune