ABUJA, Nigeria – Nigeria’s Federal Executive Council (FEC) approves ₦6.43 trillion worth of new Public-Private Partnership (PPP) projects, reinforcing President Bola Tinubu’s push for private-sector-led infrastructure development.
In a statement on Friday, Infrastructure Concession Regulatory Commission (ICRC) Director-General Jobson Ewalefoh described the approvals as “three transformative PPP projects” under the Renewed Hope Agenda.
The projects include 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 to be financed, built and operated by private investors.
“These projects prioritise private capital as a catalyst for growth, competitiveness and job creation,” Ewalefoh says.
He notes that the two deep seaports, attracting over $3.4 billion, will decongest existing ports and optimise Nigeria’s maritime trade routes.
The Bakassi port, a greenfield project, will handle larger vessels and anchor an industrial cluster and Free Trade Zone. The Ondo port is expected to unlock solid minerals and agro-export opportunities in the South-West.
Ewalefoh describes the 460MW Katsina-Ala Hydropower Plant as critical to addressing Nigeria’s power deficit and expanding renewable energy. “This investment will supply base-load power and stimulate economic activity across the region,” he adds.
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