FG Eyes N5bn Income, Jobs Creation From Fishery Terminal Concession

  • As forex earnings boost excites ICRC

BY EDMOND ODOK – Amid worries over dwindling revenue accruals, the Federal Government is targeting over N5 billion as revenue from the Fisheries Coastal Terminal Concession project.

According to the Infrastructure Concession Regulatory Commission (ICRC), the project will also aid the government’s jobs creation initiatives as well as boost foreign exchange earnings for the country.

Packaged in the government’s reforms agenda to make the fisheries industry a viable engine of economic growth, the project focuses on creating more jobs around the value chain and empowering the youths within the host community of Akwa Ibom State.

Among other plans outlined in the project concept is a projected boost in exportation of fishes through the rehabilitation and upgrade of the terminal and operation of fishing trawlers.

Acting Head of Media and Publicity in ICRC, Manji Yarling described the move as part of President Muhammadu Buhari-led administration’s efforts at “economic diversification, food security, foreign exchange earnings among other benefits.”

Yarling said in a statement that the “primary objective of the concession is to develop and upgrade the fishery terminal facilities to a world class standard through private sector financing and operation.”

He explained that with over N5 billion projected as total derivable earnings on the project within the 11 years concession period, the upgrade and rehabilitation works are scheduled for completion in the first year while the facility will be operated by the concessionaire for the next 10 years.

The statement further said the Terminal will provide “onshore services to fishing vessels, underwater vessels and also offers repair and maintenance facilities”, adding; “It is also equipped for vessel handling, dry dock fishing/landing, processing and storage, among others.”

The ICRC Spokesperson said all the plans are effectively on course with the Federal Executive Council (FEC) having already approved the rehabilitation of the Federal Fishery Coastal Terminal (FFCT) in Ebughu, Mbo Local Government Area of Akwa Ibom State.

He said the brownfield project, a brainchild of the Federal Ministry of Agriculture and Rural Development (FMARD), will be implemented in partnership with Messrs Alfin Fisheries Limited as the Concessionaire, using the Finance, Rehabilitate, Operate, and Maintain PPP Model.

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