TheCable

The Infrastructure Concession Regulatory Commission (ICRC) says the federal government will generate over N5 billion from fisheries coastal terminal concession projects. 

Manji Yarling, acting head, media and publicity, ICRC, said this in a statement on Friday. 

Yarling said the project would restore the fisheries industry and boost the economy.

According to her, the project would create jobs and boost foreign exchange earnings, as it sought to, among others, target a boost in the exportation of fish, as well as ensure the rehabilitation and upgrading of the terminal and operations of fishing trawlers.

She said the plan had been approved by the federal executive council (FEC) for the rehabilitation of the Federal Fisheries Coastal Terminal at Ebughu Mbo LGA of Akwa Ibom state.

Yarling said the project was domiciled in the federal ministry of agriculture and rural development.

“The project is part of moves by the Federal Government to reform the fisheries industry into an engine of economic growth,” Yarling said.

“This is because it is expected to create more jobs around the value chain and empower the youths within the host community in Akwa Ibom state.

“The brownfield project is to be carried out using the Finance, Rehabilitate, Operate, and Maintain Public-Private Partnership (PPP) model with Messrs Alfin Fisheries Limited as the concessionaire.

“The move is part of efforts by the administration of President Muhammadu Buhari to economic diversification, food security, foreign exchange earnings, among other benefits.” 

Yarling further said that the primary objective of the concession is to develop and upgrade the fisheries terminal facilities to a world-class standard through private sector financing and operation.

She added that the concession is expected to span 11 years, with the upgrade and rehabilitation completed in the first year, while the facility would be operated by the concessionaire for 10 years.