By Solomon OKPO
Samuel Nsudoh, a prominent stakeholder and former Permanent Secretary in Akwa Ibom State’s Ministry of Petroleum and Environment, has weighed in on the much-discussed Ibom Seaport development project, urging a pragmatic approach centered on economic fundamentals rather than political rhetoric.
According to Nsudoh, the notion that either federal or state governments can single-handedly finance the estimated $2 billion seaport project in Nigeria’s current economic climate is unrealistic. “Port development is not a social project,” he emphasized, adding that the days of government control over the so-called ‘commanding heights’ of the economy are long behind us.
Nsudoh highlighted the importance of attracting foreign direct investment (FDI) to bring the project to fruition. He insisted that governments should focus on creating a macroeconomic and regulatory environment that encourages private and foreign investors to participate. “If investors see the Ibom port project as profitable, they will invest,” he said.
He also warned against allowing political grandstanding and empty promises to overshadow the practical steps needed to advance the project. “Investors are not persuaded by rhetoric or grandstanding,” Nsudoh said. “They rely on accurate data and global market realities.”
Without concrete policy measures and investor engagement, Nsudoh warned, the vision for the Ibom Seaport risks becoming another political campaign talking point rather than a tangible economic asset. He pointed to current trends in FDI, noting that outside of the oil and gas sector, more than 80% of investments are short-term portfolio flows, which can be quickly withdrawn.
As the Ibom Seaport continues to be a topic of interest in regional development circles, Nsudoh’s insights serve as a reminder that successful infrastructure projects hinge on attracting committed investors and implementing sound economic policies.
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