In December 2020, the Akwa Ibom State Government said the Federal Government had approved $2.016bn for the first phase of Ibom Deep Seaport, which was estimated to cost $4.6bn.

This was disclosed in Uyo by the then Akwa-Ibom State Commissioner for Economic Development and IDSP, Akan Okon.

He said the Federal Executive Council approved the implementation of the first phase of IDSP on December 16, 2020, adding that the port would address issues of unemployment in Akwa Ibom and also enable the state to implement schemes for job creation and poverty alleviation.

According to Okon, upon completion of the project, it is expected to generate no fewer than 300,000 jobs in Akwa Ibom.

“Akwa Ibom is industrialised because this project, when operational, would solve and arrest critical problems in the state, especially the issue of unemployment, and then stimulate our state economy accordingly. The total cost of construction of the Ibom Deep Seaport is $4.6bn but the first phase of it is $2.016bn which was approved on Wednesday, December 16, by the Federal Government,” Okon said.

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