The Cross River State Government has signed a Public-Private Partnership (PPP) concession agreement with AMET INDUSTRIES FP LIMITED to revitalise the Eburutu Fishing Terminal, a project expected to create 6,000 direct and indirect jobs, boost government revenue and strengthen the state’s aquatic economy.
The agreement provides for the redevelopment and commercialisation of the long-dormant facility through private sector investment in modern fishing operations, seafood processing, storage and distribution. The project is also expected to improve access to affordable fish and other seafood products across the state.
Speaking at the signing ceremony held in the conference room of the Mimistry of Justice, Calabar, Friday, the Commissioner for Livestock, Aquaculture and Fisheries Development, Hon. Francis Edet Ekpenyong, said the state government had fulfilled the necessary administrative and legal requirements to facilitate the commencement of the project. He expressed the government’s readiness for the concessionaire to mobilise to the site and begin work.
Ekpenyong said the project would enable Cross River to harvest, process, preserve and market fish locally, reducing dependence on imported and externally processed seafood while making fish more affordable to consumers. He added that restoring the terminal would expand economic activities within the state’s fisheries sector.
Presenting the operational plan, the Managing Director and Chief Executive Officer of AMET INDUSTRIES FP LIMITED, Mrs. Margaret Ovonlen, said the investment was designed to stimulate economic growth and create employment without imposing a financial burden on the government, as her company would provide the full project capital.
She explained that the concession would operate under a 25-year renewable agreement through a Special Purpose Vehicle, Eburutu Fishery Development Limited. Under the initial arrangement, the company would receive 60 per cent of the revenue, while the state government would retain 40 per cent. If the agreement is renewed for another 25 years, the sharing formula would be reversed, giving the government 60 per cent and the company 40 per cent, with AMET continuing as the operator.
Ovonlen disclosed that the project would feature 15 commercial fishing trawlers, an integrated seafood processing plant, an industrial feed mill, a maritime toll terminal and distribution centres across all 18 local government areas of Cross River State.
She said the facilities were projected to generate 1,000 direct jobs and 5,000 indirect employment opportunities for indigenes, opening up employment opportunities in fishing, processing, transportation, storage and distribution while strengthening the state’s fisheries value chain.
The AMET chief executive noted that fish harvested from Nigerian waters had historically been transported elsewhere for processing before being returned to local markets at higher prices. She said the investment would help retain more economic value within the country by enabling fish caught in the state’s waters to be processed and distributed locally.
The Permanent Secretary of the Ministry of Livestock, Aquaculture and Fisheries Development, Elder Dr Odey Ikongha, commended the Ministry of Justice’s legal team, past and present political leadership of the ministry, the Federal Department of Fisheries and the host landowning communities for their contributions towards finalising the concession arrangements and making the land available for the project. He particularly acknowledged the contributions of the former commissioner and the incumbent, Ekpenyong.
Also speaking, the Business Manager, Public Sector, First Bank of Nigeria Plc, Evarn Riman, expressed the bank’s readiness to contribute its financial expertise towards developing a bankable framework to support the successful implementation of the investment. The ceremony concluded with the execution of the concession documents, prayers and expressions of optimism from representatives of the participating institutions and organisations.
Stakeholders at the signing ceremony expressed optimism that the revitalisation of the Eburutu Fishing Terminal would create employment opportunities, increase government revenue, expand local seafood processing and distribution, and improve access to affordable fish across Cross River State. They also identified the project as an opportunity to strengthen the state’s fisheries value chain and retain more economic benefits from fishing activities within local communities.
By Arit Ubi
