The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects valued at over N6.43 trillion (4.29 billion dollars) to strengthen Nigeria’s infrastructure, enhance economic competitiveness, and attract private-sector investment nationwide.
The approvals were announced by Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), in a statement issued by the Acting Head of Media, Ifeanyi Nwoko, in Abuja on Friday.
Ewalefoh said the approvals reflect the practical outcomes of President Bola Tinubu’s Renewed Hope Agenda, which prioritises private-sector-led infrastructure development as a catalyst for economic growth, job creation, and technology transfer.
According to him, the newly approved projects are part of the second batch of seven PPP initiatives endorsed by FEC in the past month, all under ICRC oversight.
The three projects fully funded by private investors include:
- Bakassi Deep Seaport – $2.27 billion, expected to serve as a maritime gateway for North-Central and North-East Nigeria, integrate an industrial cluster, and establish a Free Trade Zone.
- Port of Ondo Deep Seaport – $1.14 billion, aimed at unlocking the region’s solid minerals and agro-allied potential.
- Katsina-Ala Hydropower Plant (460MW) – $878 million, a renewable-energy project that will inject reliable electricity into the national grid, stimulating industrial and economic activities in the North-Central region.
Ewalefoh described the projects as decisive, multi-sectoral investments addressing Nigeria’s infrastructure gaps, noting that the two deep seaports alone would optimise maritime trade routes and reduce pressure on existing ports.
He added that the Bakassi Deep Seaport, a greenfield development, would accommodate large vessels, create thousands of jobs, and boost Nigeria’s maritime competitiveness, while the Katsina-Ala Hydropower Plant demonstrates a strategic shift toward cleaner, sustainable energy solutions.
The D-G recalled that in November 2025, FEC approved an earlier batch of three PPP projects, including the Product Authentication and Tracking System (PATS), the V-PASS biometric verification platform, and the Port Harcourt International Airport concession, which attracted a combined $230.9 million in private investment.
He added that the approvals brought the total number of PPP projects endorsed in 2025 to 13, including projects such as MediPool, Maritime Electronic Management System (MEMS), Ikere Gorge Hydropower Plant, Coastal Fisheries Terminal (Borokiri), Farin Ruwa 20MW Hydropower Project, and the Enugu International Airport concession.
Ewalefoh expressed appreciation to President Tinubu for his sustained support, noting that the administration’s commitment to regulatory strengthening had positioned the ICRC as a driving force for PPP infrastructure development across Nigeria, further empowering the agency to deliver value, stimulate economic growth, and accelerate national development.