The federal government is set to hit a jackpot following the concession of Onitsha River Port, which connects Lagos to the South East if projections from the Infrastructure Concession Regulatory Commission (ICRC) becomes reality.

According to ICRC, the Onitsha River Port can generate about N50 billion into the Federal Government’s coffers.

The group also expressed excitement that it would serve as an alternative source of transporting goods to the South East from Lagos, Port Harcourt and other areas with adequate water connectivity.

A statement issued by the Ag. Head, Media and Publicity, ICRC, Manji Yarling, explained that Onitsha River Port was officially opened over three decades ago but had been neglected and not been optimally utilised.

The Onitsha River Port is one of the four river ports in the country with others situated in Lokoja, Kogi State; Baro in Niger State and Oguta in Imo State.

“This concession is part of the bigger Federal Government’s plan to concession the remaining river ports and enhance inland waterways transportation in the country.

“The 30-year concession is expected to generate over N50 billion to the Federal Government and create thousands of direct and indirect jobs, while facilitating more efficient trade within the country through cheaper, easier and cleaner methods of transporting goods and services,” the statement added.