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The Federal Executive Council (FEC) has approved three Public-Private Partnership (PPP) projects, paving the way for the injection of more than ₦6.43 trillion, or approximately $4.29 billion, in private investment into the Nigerian economy.
In a statement issued on Saturday in Abuja by Ifeanyi Nwoko, Acting Head of Media and Publicity at the Infrastructure Concession Regulatory Commission (ICRC), the approvals were said to reflect the implementation of President Bola Tinubu’s Renewed Hope Agenda, which prioritises private-sector-led infrastructure development as a key driver of economic growth, competitiveness, and job creation.
Jobson Ewalefoh, Director-General of the ICRC, attributed the rising inflow of foreign direct investment to the administration’s reform programme.
Read also: ICRC unveils new PPP rules to unlock billions in private investment
Ewalefoh said policy clarity, economic liberalisation, and stronger regulatory institutions are improving investor confidence, as demonstrated by the scale of recently approved PPP projects.
According to him, the latest approvals constitute the second batch of seven PPP projects endorsed by the Council within the past month, all under the regulatory oversight of the ICRC.
The approved projects are the Bakassi Deep Seaport, valued at $2.27 billion and under the Federal Ministry of Marine and Blue Economy; the Port of Ondo Deep Seaport, valued at $1.14 billion under the same ministry; and the Katsina-Ala Hydropower Plant, estimated at $878.1 million and under the Federal Ministry of Water Resources and Sanitation. All three projects will be fully financed by the private sector.
Ewalefoh said the projects, with a combined value of over $4.29 billion, underscore the Federal Government’s use of PPPs to promote economic growth, facilitate technology transfer, and support sustainable development.
He explained that the Bakassi Deep Seaport is expected to serve the North-Central and North-East regions while enhancing maritime trade across West and Central Africa.
He added that the Port of Ondo Deep Seaport is designed to support the South-West’s solid minerals and agro-processing sectors.
The 460-megawatt Katsina-Ala Hydropower Plant, he noted, will supply base-load power to the national grid and support economic activity across the North-Central region.
The ICRC Director-General said the two deep seaport projects, with a combined value of over $3.4 billion, will improve maritime trade efficiency and reduce congestion at existing ports.
He further explained that the Bakassi Deep Seaport is a greenfield development planned to accommodate large vessels and integrate an industrial cluster and Free Trade Zone, with positive implications for job creation and trade expansion.
On the hydropower project, Ewalefoh said the Katsina-Ala facility will help address Nigeria’s power supply challenges.
He noted that the $878 million investment will deliver base-load power to the national grid and stimulate economic activity in the region, reinforcing the government’s commitment to renewable energy development.
In November, FEC approved an earlier batch of three PPP projects, namely 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 concession of the Port Harcourt International Airport under the Federal Ministry of Aviation and Aerospace Development.
These projects attracted $230.9 million in private investment.
With the latest approvals, the total number of PPP projects approved in 2025 has exceeded 13.
Other PPP projects approved this year include MediPool under the Federal Ministry of Health and Social Welfare; the Maritime Electronic Management System (MEMS) of the Nigerian Maritime Administration and Safety Agency; the 6MW Ikere Gorge Hydropower Plant under the Federal Ministry of Power; the Coastal Fisheries Terminal in Borokiri; the 20MW Farin Ruwa Hydropower Project under the Federal Ministry of Water Resources and Sanitation; and the Enugu International Airport concession under the Federal Ministry of Aviation and Aerospace Development, among others.
Ewalefoh expressed appreciation to President Tinubu for his support for the ICRC, noting that the President’s leadership and emphasis on strengthening regulatory institutions have enhanced the Commission’s role in PPP-driven infrastructure development.
He added that the consistent approvals reflect the administration’s confidence in the ICRC’s mandate and further support its efforts to deliver infrastructure projects nationwide.
