PPP: FG approves Bakassi, Ondo Ports, Katsina-Ala Hydropower Plant, attracts $4.29bn private investment – ICRC
…FDIs demonstrate renewed confidence in Nigeria – Dr. Ewalefoh
Omeiza Bilal
The Federal Executive Council (FEC) has approved three transformative Public-Private Partnership (PPP) projects, confirming an injection of over ₦6.43 trillion (approximately $4.29 billion) in private capital into the Nigerian economy.
These approvals underscore the practical impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises private-sector-led infrastructure delivery as a catalyst for national growth, economic competitiveness, and job creation.
According to the Director-General of the Infrastructure Concession Regulatory Commission, Dr. Jobson Oseodion Ewalefoh, the rising inflow of foreign direct investments is a direct outcome of President Bola Ahmed Tinubu’s reform agenda, which combines policy clarity, economic liberalisation, and strengthened regulatory institutions. He noted that these reforms are now translating into tangible results, as evidenced by the scale and quality of PPP projects approved in recent months.
The newly approved projects constitute the second batch of seven PPP initiatives endorsed by the Council in the last month, all under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC).
The projects — the Bakassi Deep Seaport ($2.27bn – Federal Ministry of Marine and Blue Economy), the Port of Ondo Deep Seaport ($1.14bn – Federal Ministry of Marine and Blue Economy), and the Katsina-Ala Hydropower Plant ($878.1m – Federal Ministry of Water Resources and Sanitation) — are to be fully financed by the private sector.
Giving insights into the approvals, the Director-General of the ICRC, Dr. Jobson Oseodion Ewalefoh, said the new projects — collectively at over $4.29 billion — reaffirm the Federal Government’s resolve to leverage PPPs as strategic instruments for economic growth, technology transfer, and sustainable development.
He explained that the Bakassi Deep Seaport will serve as a new maritime gateway for Nigeria’s North-Central and North-East regions and a major hub for West and Central Africa.
The Port of Ondo Deep Seaport, he added, is designed to unlock the South-West’s solid mineral and agro-allied potential, while the 460MW Katsina-Ala Hydropower Plant, a renewable-energy initiative, will inject steady base-load power into the national grid and stimulate economic activity across the North-Central region and beyond.
Speaking further, the DG said: “These are decisive, multi-sectoral investment portfolios that directly address national needs. The approval of the two deep seaport projects alone, totaling over $3.4 billion in private capital, will fundamentally optimize our maritime trade routes and decongest existing port facilities.”
He continued: “The Bakassi Deep Seaport is a greenfield development designed to accommodate larger vessels and integrate an industrial cluster and Free Trade Zone, creating thousands of jobs and positioning Nigeria as a first-choice maritime destination.”
On the hydropower project, he said: “The 460MW Katsina-Ala Hydropower Plant is a monumental greenfield project that will help address Nigeria’s persistent electricity deficit while unlocking vast renewable-energy potential.
“This $878 million investment will supply essential base-load power to the national grid and stimulate immense economic activity across the region. It is a strategic commitment to a cleaner, more reliable, and more sustainable energy future for our country.”
Earlier in November, FEC approved the first batch of three PPP projects — the Product Authentication and Tracking System (PATS) under the Federal Ministry of Industry, Trade and Investment, the V-PASS contactless biometric verification platform, and the Port Harcourt International Airport concession under the Federal Ministry of Aviation and Aerospace Development.
These earlier approved projects attracted an additional $230.9 million in private investment.
The announcements today bring the number of PPP projects approved in 2025 alone to more than 13.
Other PPP projects approved this year include MediPool – Federal Ministry of Health and Social Welfare, the Maritime Electronic Management System (MEMS) – Nigerian Maritime Administration and Safety Agency, the Ikere Gorge 6MW Hydropower Plant – Federal Ministry of Power, the Coastal Fisheries Terminal, Borokiri and the Farin Ruwa 20MW Hydropower Project – both in the Federal Ministry of Water Resources and Sanitation as well as the Enugu International Airport – Federal Ministry of Aviation and Aerospace Development, among others.
Dr. Ewalefoh expressed profound appreciation to President Bola Ahmed Tinubu, GCFR, for his continued support to the Infrastructure Concession Regulatory Commission.
He noted that the President’s decisive leadership and commitment to regulatory strengthening have repositioned the Commission as the engine room for Public-Private Partnership infrastructure development in Nigeria.
He added that these consistent approvals reflect the President’s trust in the ICRC’s mandate and further empower the Commission to deliver even greater value to the nation.
