$10 Billion Port Upgrades Launched Despite Cargo Drop.

State governments and private investors are injecting over $10 billion into new seaport projects in Nigeria, despite a decline in cargo volumes and ship traffic. Key projects include the $4.2 billion Ibom Deep Seaport and the $1.5 billion Ondo Port. However, existing ports like Rivers and Calabar are underused, and overall import volumes fell by 6.8% in 2023. Experts argue that the focus should be on revitalizing existing ports rather than investing in new ones, given the current economic and security challenges impacting port activities.