Federal Govt Completes Concessioning Of Onitsha River Port
Posted on July 3, 2022
In line with the Federal Government’s relentless drive and unwavering commitment towards making Onitsha River Port a port of final destination, the Federal Government on 30th June, 2022, completed the concessioning of Onitsha River Port in Anambra State for N4 billion under a Public-Private-Partnership (PPP) arrangement.
The signing of this concession agreement involved several governmental and non-governmental agencies including the World Bank.
Prior to this event, an open and transparent bidding process produced Universal Elysium Consortium (Lead Investor) as the preferred concessionaire for the river port facility.
During the concessioning, a Memorandum of Understanding (MOU) detailing how the Federal Government of Nigeria will earn over N23 billion in a 30 year concession period was signed.
The firm, Universal Elysium Consortium Ltd., is to rehabilitate, operate and transfer back the River Port to the Federal Government after 30 years.
“I’m particularly grateful and pleased with this achievement because of what it represents – business and economic advancement opportunity for our people. In addition, an added source of livelihood to improve living conditions within the region. It will in turn also provide a lasting solution to some of the country’s security challenges. As a means of transportation, these are some of the key goals we set out to achieve through this extremely important infrastructure” Moghalu said.
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