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Felak Concepts Explains Relocation of of Ibom Deep Sea Port from Okposo to Ibeno

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The relocation of the $4.6 billion Ibom Deep Sea Port (IDSP) from Okposo to Ibeno is not political but based on professional and engineering decisions, said Felak Concepts Ltd, the Transaction Advisor/Consultants to the IDSP and Free Trade Zone project.

Felak Concepts Explains Relocation of of Ibom Deep Sea Port from Okposo to Ibeno

In a statement issued by Mr. Ezekail Adamu, spokesman for the consultant, it explained that the essence of the project initiated by the Federal Ministry of Transport and Akwa Ibom State Government as a full scale Greenfield Commercial Deep Sea Port Development in line with the proposed Ibom Industrial City (IIC) was too strategic for the Nigerian government and Akwa Ibom state to be subjected to politics.

According to Adamu: “Our company observed due diligence and subjected the selection process to high level transparency as evidenced in all the technical reports submitted. We did not influence or manipulate the relocation of the ports from Okposo to Ibeno.”

Findings showed that five locations were initially shortlisted for the mega-project expected to provide no fewer than 300,000 jobs. Out of the five locations, Okposo was selected as the site at the preliminary stage based on initial/ preceding studies for the Initial Due Diligence (IDD) which itself was subjected to further studies and research to ascertain its suitability.

The consultant explained that this was in tune with global best practices for projects of this magnitude and nature as all the characteristics and parameters were considered “leading or required to arrive at and make a fully founded location selection in the Final OBC/PPF document.”

On its selection as transaction advisor cum consultant, the statement explained: “The State Government through a selective bid tendering process engaged Felak Concept Limited and her Technical Partners, MTBS of Netherlands with clear schedule and terms of reference towards the realization of the development of the Ibom Deep Sea Port.

“The Federal Ministry of Transport was duly notified of our appointment and they swiftly inaugurated the already constituted Ministerial Project Development and Steering Committee (MPDSC) and the Project Delivery Team to midwife/drive the process, as well as direct the TA/Consultants in their deliverables in line with the Infrastructure Concession Regulatory Commission (ICRC) guidelines,” the statement said.

Consequently, according to the statement, the team commenced work and ensured the Initial Due Diligence Report for the Ibom Deep Sea Port and Free Trade Zone was ready by January 2013.

“The goal and objective of this report was to carefully assess the project, verify its feasibility/viability and design a structural approach for the subsequent phases. In other words, the IDD was a preliminary report covering the location analysis of the pre-selected locations, development options for the Port and Free Trade Zone, implementation plan, and preliminary business case among others.”

Adamu explained that none of these is a political decision but basic engineering, economic and other professional considerations.  He said that though the initial name was Ibeno Deep Sea Port, it is now Ibom Deep Sea Port to “depict an all-inclusive project for the entire state.”

To make clarifications on change of location and name, Adamu said the consultant wrote a letter dated 3rd October, 2015  to Akwa Ibom State Government “on the need to convene an immediate town hall meeting involving the TAs, Surveyors, MPDSC members, the Governor, His Exco and all stakeholders within the state on the resolution of salient communal issues; such as the clarification and basis of the change of name from Ibaka to Ibom Deep Sea Port, change of location due to a new engineering alignment and other critical factors and analysis.”

The total cost of construction of the Ibom Deep Seaport is $4.6 billion but the first phase of it is $2.016 billion which was approved on Wednesday Dec. 16, 2020 by the Federal Government.

Ownership structure of the project is 60 per cent for the private sector and 40 per cent for the public sector.

 


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New Horizons Invests N50m to Empower Almajiris with Skills

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New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.

Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”

“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.

He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.

Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.

“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.

According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.

“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.

“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.

“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.

He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.

Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.

He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”

He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.

“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.

Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.

“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.

“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.

Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.

“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.


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IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

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International Monetary Fund has upgraded Nigeria’s 2026 economic growth projection to 4.4 per cent, reflecting improved macroeconomic stability and sustained reforms.

IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

IMF

The January 2026 World Economic Outlook Update forecasts Nigeria’s growth trajectory at 4.1 per cent in 2024, 4.2 per cent in 2025, and 4.4 per cent in 2026—a 0.2 percentage point increase from the October 2025 estimate.

This aligns with sub-Saharan Africa’s projected 4.6 per cent expansion in 2026 and 2027, driven by regional stabilisation efforts.

Globally, the IMF anticipates 3.3 per cent growth amid resilient conditions tempered by trade policy shifts and technology investments. For Nigeria, declining energy prices—expected to fall seven per cent due to weak demand—pose risks, though OPEC+ coordination and China’s stockpiling provide support.

Despite the optimism, downside risks persist from Middle East and Ukraine tensions, protectionism, high debt, and fiscal deficits. The Fund recommends rebuilding fiscal buffers, ensuring central bank independence, and limiting temporary fiscal measures to maintain stability.

Nigeria’s success hinges on consistent reforms and resilience against domestic and global shocks, the IMF concluded.


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Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

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Organisation of Petroleum Exporting Countries (OPEC) reports that Nigeria’s crude oil production, excluding condensate, dropped by 0.7 per cent to 1.486 million barrels per day (mbpd) in November 2025 from 1.496 mbpd in October.

Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

OPEC

The figure, drawn from secondary sources in OPEC’s December 2025 Monthly Oil Market Report, fell short of Nigeria’s 1.5 mbpd quota. Direct communication data showed output at 1.436 mbpd, up from October’s 1.401 mbpd, but still below target.

Nigeria produces around 196,028 bpd of condensate, excluded from quota calculations per Nigerian Upstream Petroleum Regulatory Commission figures. Year-on-year, November’s output marked a slight gain over 1.417 mbpd in November 2024.

Expert Cites Insecurity, Governance Gaps

Petroleum economics expert Wumi Iledare described the quota miss as unsurprising, blaming persistent insecurity, an ageing oil basin lacking new finds, and unoffered hydrocarbon blocks. Governance shortcomings and policy uncertainty further erode investor confidence, he noted.

Selective implementation of the Petroleum Industry Act worsens the situation, with Nigeria needing a single authoritative leader for the sector rather than multiple proxies, Mr Iledare stressed. The country has struggled to consistently hit OPEC targets for years.


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