FEC Approves Three Major PPPs, Securing $4.29bn Investment
By Patience Ikpeme
The Federal Executive Council (FEC) has officially approved a second tranche of three key Public-Private Partnership (PPP) projects, confirming a massive injection of over ₦6.43 trillion (approximately $4.29 billion) in private capital into the Nigerian economy.
The newly endorsed initiatives follow the approval of an earlier batch of three PPP projects last month, all guided by the regulatory framework of the Infrastructure Concession Regulatory Commission (ICRC).
The three projects are to be fully financed by the private sector and include the Bakassi Deep Seaport ($2.27 billion) under the Federal Ministry of Marine and Blue Economy, the Port of Ondo Deep Seaport ($1.14 billion) also under the Federal Ministry of Marine and Blue Economy, and the Katsina-Ala Hydropower Plant ($878.1 million) under the Federal Ministry of Water Resources and Sanitation.
Offering an explanation of the approvals, the Director-General of the ICRC, Dr. Jobson Oseodion Ewalefoh, stated that the new projects, which collectively total over $4.29 billion, demonstrate the Federal Government’s commitment to utilizing PPPs as strategic instruments for economic growth, technology transfer, and sustainable development.
Dr. Ewalefoh added that the specific economic advantages of each project, saying the Bakassi Deep Seaport is set to become a new maritime gateway serving Nigeria’s North-Central and North-East regions, while simultaneously acting as a major hub for West and Central Africa. The Port of Ondo Deep Seaport, he added, is designed to unlock the solid mineral and agro-allied potential of the South-West region.
Commenting on the ports, Dr. Ewalefoh remarked that: “These are decisive, multi-sectoral investment portfolios that directly address national needs. The approval of the two deep seaport projects alone, totaling over $3.4 billion in private capital, will fundamentally optimize our maritime trade routes and decongest existing port facilities.”
He continued: “The Bakassi Deep Seaport is a greenfield development designed to accommodate larger vessels and integrate an industrial cluster and Free Trade Zone, creating thousands of jobs and positioning Nigeria as a first-choice maritime destination.”
The third major project, the 460MW Katsina-Ala Hydropower Plant, is a renewable-energy initiative that will inject steady base-load power into the national grid and stimulate significant economic activity across the North-Central region and beyond.
On the hydropower project, the DG provided further clarity: “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.
This $878 million investment will supply essential base-load power to the national grid and stimulate immense economic activity across the region. It is a strategic commitment to a cleaner, more reliable, and more sustainable energy future for our country.”
This latest approval brings the total number of PPP projects endorsed in 2025 alone to more than 13. Earlier in November, FEC approved the first batch of three PPP projects—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 Port Harcourt International Airport concession under the Federal Ministry of Aviation and Aerospace Development—and these earlier approved projects attracted an additional $230.9 million in private investment.
Other PPP projects approved this year include MediPool (Federal Ministry of Health and Social Welfare), the Maritime Electronic Management System (MEMS) (Nigerian Maritime Administration and Safety Agency), the Ikere Gorge 6MW Hydropower Plant (Federal Ministry of Power), the Coastal Fisheries Terminal, Borokiri, and the Farin Ruwa 20MW Hydropower Project (both in the Federal Ministry of Water Resources and Sanitation), as well as the Enugu International Airport (Federal Ministry of Aviation and Aerospace Development), among others.
According to the Director-General of the Infrastructure Concession Regulatory Commission, Dr. Jobson Oseodion Ewalefoh, the rising inflow of foreign direct investments is a direct outcome of President Bola Ahmed Tinubu’s reform agenda, which combines policy clarity, economic liberalization, and strengthened regulatory institutions.
He noted that these reforms are now translating into tangible results, as evidenced by the scale and quality of PPP projects approved in recent months. Dr. Ewalefoh said These approvals practically show the impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes private-sector-led infrastructure delivery as a catalyst for national growth, economic competitiveness, and job creation.
Ewalefoh noted that the President’s decisive leadership and commitment to regulatory strengthening have repositioned the Commission as the engine room for Public-Private Partnership infrastructure development in Nigeria. He added that these consistent approvals reflect the President’s trust in the ICRC’s mandate and further empower the Commission to deliver even greater value to the nation.
