Three Public-Private Partnership (PPP) projects recently approved by the Federal Executive Council (FEC) have attracted over N6.43 trillion (about $4.29 billion) in private capital inflow into the Nigerian economy.
The Infrastructure Concession Regulatory Commission (ICRC), in a statement issued on Friday, named the newly approved projects as the Bakassi Deep Seaport ($2.27bn) Federal Ministry of Marine and Blue Economy, the Port of Ondo Deep Seaport ($1.14bn) Federal Ministry of Marine and Blue Economy), and the Katsina-Ala Hydropower Plant ($878.1m) Federal Ministry of Water Resources and Sanitation).
According to the commission, the projects are to be fully financed by the private sector. This brings the number of PPP projects approved in 2025 alone to over 13.
Commenting on the PPP projects, the Director-General of the ICRC, Dr. Jobson Ewalefoh, said that the rising inflow of foreign direct investments was a direct outcome of the present administration’s economic reform agenda, which combines policy clarity, economic liberalisation, and strengthened regulatory institutions.
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He noted that the reforms were translating into tangible results for the country based on the scale and quality of PPP projects approved in recent months by the FEC.
Ewalefor hinted that the newly approved projects, which constitute the second batch of seven PPP initiatives, were endorsed by the FEC last month under the regulatory guidance of the ICRC, adding that the new projects, totalling over $4.29 billion in private sector investment, reaffirm the government’s determination to leverage PPPs as strategic instruments for economic growth, technology transfer, and sustainable development.
Specifically, the Director-General explained that the Bakassi Deep Seaport would serve as a new maritime gateway for Nigeria’s North-Central and North-East regions as well as well a major hub for West and Central Africa, while the Port of Ondo Deep Seaport would unlock the South-West’s solid minerals and agro-allied endowments potential.
This is even as he pointed out that the 460MW Katsina-Ala Hydropower Plant, a renewable-energy project, would inject steady base-load power into the national grid and catalyze economic activity in the North-Central region and beyond.
Nwalefor clarified: “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.”
It would be recalled that last November, the FEC approved the first 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 Port Harcourt International Airport concession under the Federal Ministry of Aviation and Aerospace Development.
The commission confirmed that the three projects attracted an additional $230.9 million in private investment to the nation’s economy.
Earlier this year, other PPP projects approved by the FEC 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; the Farin Ruwa 20MW Hydropower Project, Federal Ministry of Water Resources and Sanitation; and the Enugu International Airport, Federal Ministry of Aviation and Aerospace Development, among others.
