The Infrastructure Concession Regulatory Commission (ICRC) said that plans have been concluded to create jobs, boost foreign exchange earnings and generate over N5bn through the Fisheries Coastal Terminal Concession project.
The project which among others, targets a boost in exportation of fishes, will ensure the rehabilitation and upgrade of the terminal and operation of fishing trawlers.
The plan was culminated with the approval by the Federal Executive Council (FEC) for the rehabilitation of the Federal Fishery Coastal Terminal, Ebughu Mbo Local Government Area of Akwa Ibom State.
Proposed by and domiciled in the Federal Ministry of Agriculture and Rural Development, the brownfield project is to be carried out using the Finance, Rehabilitate, Operate, and Maintain PPP Model with Messrs Alfin Fisheries Limited as the Concessionaire.
A statement from the ICRC said the move is part of the effort by the administration of President Muhammadu Buhari towards economic diversification, food security, foreign exchange earnings among other benefits.
The statement was signed by the Acting Head, Media and Publicity, ICRC Manji Yarling.
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.
Total expected earnings on the project within the concession period is estimated at over N5bn.
The statement said the concession will span an 11-year period, with the upgrade and rehabilitation work expected to have been completed in the first year while the facility will be operated by the concessionaire for the next 10 years.
The Terminal provides onshore services to fishing vessels, underwater vessels and also offers repair and maintenance facilities.
It is also equipped for vessel handling, dry dock fishing/landing, processing and storage, among others.
The project is part of moves by the federal government to reform the fisheries industry into an engine of economic growth as it is expected to create more jobs around the value chain and empower the youths within the host community of Akwa Ibom State.