The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects valued at N6.43 trillion (4.29 billion dollars) to enhance Nigeria’s infrastructure and economic competitiveness. The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, made the announcement, detailing the significance of these initiatives under President Bola Tinubu’s Renewed Hope Agenda. The approved projects include the Bakassi Deep Seaport ($2.27 billion), the Port of Ondo Deep Seaport ($1.14 billion), and the 460MW Katsina-Ala Hydropower Plant.
The Bakassi and Ondo Deep Seaports are poised to serve as key maritime gateways, supporting Nigeria’s solid minerals and agro-allied sectors. The Katsina-Ala Hydropower Plant, a renewable energy project, will inject reliable electricity into the national grid, stimulating industrial activity. These investments demonstrate the government’s commitment to private-sector-led development, encouraging technology transfer, and creating thousands of jobs in critical sectors.
Dr. Ewalefoh highlighted that these projects are aligned with the government’s reform initiatives, facilitating the influx of foreign direct investments. The Bakassi Deep Seaport, in particular, will include a Free Trade Zone and industrial clusters, significantly enhancing Nigeria’s maritime competitiveness. The Katsina-Ala Hydropower Plant will shift towards cleaner, sustainable power, strengthening the national energy supply. These investments reflect Nigeria’s strategy to bridge infrastructure gaps, boost productivity, and promote sustainable economic growth.
