Nigeria’s Federal Executive Council has approved three major Public-Private Partnership projects valued at about $4.29 billion.

The projects include the Bakassi Deep Seaport in Cross River State, the Port of Ondo Deep Seaport in the South West, and the Katsina-Ala Hydropower Plant in the North Central region.

All three are to be fully financed by the private sector and fall under the regulatory oversight of the Infrastructure Concession Regulatory Commission.

Together, the approvals represent one of the largest single injections of private funding into Nigerian infrastructure in recent years, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises private sector participation as a driver of growth, competitiveness, and job creation.

Dr Jobson Oseodion Ewalefoh, Director-General of the ICRC, said the scale of the investments reflects growing foreign and domestic investor confidence in Nigeria’s reform direction.

According to him, clearer policies, economic liberalisation, and stronger regulatory institutions are beginning to translate into bankable projects.

“These are decisive, multi-sectoral investment portfolios that directly address national needs.

“The approval of the two deep-seaport projects alone, totalling over $3.4 billion in private capital, will fundamentally optimise our maritime trade routes and decongest existing port facilities,” Ewalefoh said.

The Bakassi Deep Seaport, estimated at $2.27 billion, is being developed under the Federal Ministry of Marine and Blue Economy.

Ewalefoh described it as a new maritime gateway that will serve Nigeria’s North Central and North East regions, while also positioning the country as a logistics hub for West and Central Africa.

He noted that the port is a greenfield development designed to handle larger vessels and integrate an industrial cluster and Free Trade Zone, a combination expected to create thousands of jobs and deepen regional trade links.

The Port of Ondo Deep Seaport, valued at about $1.14 billion, is also under the Marine and Blue Economy ministry. It is intended to unlock the South West’s solid minerals and agro-allied exports, providing an alternative outlet for trade and easing pressure on existing ports in Lagos.

Beyond maritime infrastructure, the Council also approved the $878 million Katsina-Ala Hydropower Plant, a 460-megawatt renewable energy project under the Federal Ministry of Water Resources and Sanitation.

Ewalefoh said the plant would deliver steady base-load power to the national grid and stimulate economic activity across the North Central corridor.

“The 460MW Katsina-Ala Hydropower Plant is a monumental greenfield project that will help address Nigeria’s persistent electricity deficit while unlocking vast renewable energy potential,” he said, adding that it represents “a strategic commitment to a cleaner, more reliable, and more sustainable energy future”.

The Council endorsed the latest approvals from the second batch of PPP projects within a month. Earlier in November, the government cleared three other projects, including the Port Harcourt International Airport concession, the Product Authentication and Tracking System, and the V-PASS biometric verification platform. Those initiatives attracted an additional $230.9 million in private investment.

With the new decisions, Nigeria has approved more than 13 PPP projects so far in 2025 alone. Other projects cleared this year include healthcare, maritime systems, fisheries terminals, airports, and multiple hydropower plants, underscoring the administration’s reliance on private capital to accelerate delivery.

Ewalefoh credited President Tinubu’s leadership and backing for strengthening the ICRC, saying it has repositioned the commission as a central driver of PPP infrastructure development.

He added that the consistent flow of approvals reflects confidence in the commission’s mandate and signals that Nigeria intends to remain open for large-scale, privately funded infrastructure across Africa’s biggest economy. (Business Insider Africa)

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