Why Nigeria may lose $27.29bn funding for proposed Escravos Seaport.
Seaport
- Approval Delays:
- Federal and state governments are stalling in granting final approval, causing potential investors to reconsider their commitment.
- Investor Concerns:
- EDIB International of Hong Kong has expressed the need for a guarantee from the Nigerian government to protect their $27.29 billion investment.
- Missed Opportunities:
- The delay threatens to miss out on significant job creation and economic benefits for Delta State and other regions.
- Urgency:
- Investors have set a three-week deadline for government approval, after which the funds may be diverted to other African nations.
- Previous Approvals:
- Although provisional approvals were given by the Federal Government in 2020 and Delta State Government in 2022, final confirmations are still pending.
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