FG approves N6.43trn PPP projects to boost infrastructure, spur investment

The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects worth over N6.43 trillion ($4.29 billion) to boost Nigeria’s infrastructure, enhance economic competitiveness, and draw increased private-sector investment.

Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, announced the approvals in a statement issued by Acting Head of Media, Ifeanyi Nwoko, on Friday in Abuja. He said the decision underscores the practical implementation of President Bola Tinubu’s Renewed Hope Agenda, which prioritises private-sector-led infrastructure development as a driver of growth, competitiveness, and job creation.

Ewalefoh noted that Nigeria’s rising foreign direct investment is a result of improved policy clarity, economic reforms, and stronger regulatory institutions. The newly approved projects make up the second batch of seven PPP initiatives endorsed by FEC within a month, all under ICRC’s oversight.

The three projects, fully financed by private investors, include the $2.27 billion Bakassi Deep Seaport, the $1.14 billion Port of Ondo Deep Seaport, and the 460MW Katsina-Ala Hydropower Plant.

According to him, the approvals reaffirm the government’s strategy of using PPPs to accelerate infrastructure delivery, encourage technology transfer, and advance sustainable development across key sectors.

He explained that the Bakassi Deep Seaport will serve as a new maritime hub for North-Central and North-East Nigeria, while the Ondo Deep Seaport is expected to unlock opportunities in solid minerals and agro-allied industries. The Katsina-Ala Hydropower Plant, he added, will expand the national grid’s base-load capacity, stimulate industrial activity, and boost regional productivity.

Ewalefoh described the projects as “decisive, multi-sectoral investments” aimed at closing Nigeria’s infrastructure gaps. He said the two seaports alone—worth more than $3.4 billion—will optimise maritime trade routes and reduce pressure on existing ports.

He added that the Bakassi Deep Seaport, a greenfield development, will support large vessels, integrate an industrial cluster, and operate a Free Trade Zone, creating thousands of jobs and strengthening Nigeria’s maritime competitiveness. The $878 million Katsina-Ala power project, he said, marks a shift toward cleaner, sustainable energy capable of transforming economic activities across the North-Central region.

Ewalefoh recalled that in November, FEC approved another batch of PPP projects, including the Product Authentication and Tracking System (PATS), the V-PASS biometric verification platform, and the Port Harcourt International Airport concession, attracting $230.9 million in private investment.

With the latest approvals, he said no fewer than 13 PPP projects have been endorsed in 2025, demonstrating the administration’s unwavering commitment to private-sector-driven infrastructure development.

The projects include MediPool under the Ministry of Health and Social Welfare; the Maritime Electronic Management System (MEMS) under NIMASA; the Ikere Gorge Hydropower Plant under the Ministry of Power; the Coastal Fisheries Terminal (Borokiri); the Farin Ruwa 20MW Hydropower Project; and the Enugu International Airport concession.

Ewalefoh thanked President Tinubu for his continued support, noting that the administration’s reforms have strengthened the ICRC’s role in driving PPP-led infrastructure growth nationwide.

He said the approvals reflect the President’s confidence in the commission’s mandate to deliver greater value and advance national development.