The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects worth more than N6.43 trillion, marking another surge in private-sector participation in Nigeria’s infrastructure development.
The projects comprising two deep seaports and a 460-megawatt hydropower plant represent the second set of PPP initiatives approved by the Council within the past month. The move aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which emphasises private investment as a key engine for economic growth.
The approvals were disclosed in a statement on Friday by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr Jobson Ewalefoh. According to him, the decisions reflect growing investor confidence driven by recent economic reforms and improved regulatory oversight.
Ewalefoh noted that clearer policies, economic liberalisation, and stronger institutions have enabled the Federal Government to attract substantial long-term private capital into critical sectors of the economy.
He explained that the newly endorsed projects form part of seven PPP initiatives approved by the FEC in the last month, all supervised by the ICRC. The latest batch includes the $2.27 billion Bakassi Deep Seaport, the $1.14 billion Port of Ondo Deep Seaport, and the $878.1 million Katsina-Ala Hydropower Plant. All three projects will be financed, developed, and operated by private investors.
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According to Ewalefoh, the investments reaffirm the Tinubu administration’s commitment to leveraging PPPs to improve economic competitiveness, expand trade capacity, and grow Nigeria’s renewable energy sector.
He added that the Bakassi Deep Seaport, a greenfield project, is expected to open a new maritime corridor for the North-Central and North-East regions, while also serving as a strategic hub for West and Central Africa.
Describing the projects as multi-sector investments that address pressing national needs, Ewalefoh said the approval of the two seaports alone, with combined private capital exceeding $3.4 billion, would significantly enhance maritime trade efficiency and ease congestion at existing ports.
He further explained that the Bakassi Deep Seaport is designed to handle larger vessels and will incorporate an industrial cluster and a Free Trade Zone, a development expected to create thousands of jobs and strengthen Nigeria’s position as a preferred maritime destination in the region.
