The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects valued at over N6.43 trillion ($4.29 billion), marking a significant boost for private-sector investment in Nigeria’s infrastructure.
The projects, two deep seaports and a 460-megawatt hydropower plant, form the second batch of PPP initiatives cleared by the council within a month, underscoring President Bola Tinubu’s Renewed Hope Agenda, which prioritizes private-sector-led infrastructure development.
The approvals were announced Friday by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh. “The Federal Executive Council has approved three transformative Public-Private Partnership projects, confirming an injection of over N6.43 trillion in private capital into the Nigerian economy,” Ewalefoh said.
The projects include the $2.27 billion Bakassi Deep Seaport, the $1.14 billion Port of Ondo Deep Seaport, and the $878.1 million Katsina-Ala Hydropower Plant. All three will be fully financed, developed, and operated by private investors.
Ewalefoh said the Bakassi Deep Seaport, a greenfield development, would create a new maritime gateway for the North-Central and North-East regions and serve as a hub for West and Central Africa. “The Bakassi Deep Seaport is 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,” he said.
The Port of Ondo Deep Seaport is expected to open up the South-West’s solid minerals and agro-allied value chains while positioning Ondo State as a logistics and export corridor.
On the hydropower project, Ewalefoh said the 460MW Katsina-Ala plant would help address Nigeria’s electricity deficit while unlocking 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,” he said.
The latest approvals bring the total number of PPP projects endorsed in 2025 to more than 13, spanning maritime, health, aviation, power, and industrial sectors. Earlier projects include the Product Authentication and Tracking System, V-PASS biometric platform, and the Port Harcourt International Airport concession.
Ewalefoh praised President Tinubu for his “consistent support” for the ICRC, noting that strengthened regulatory institutions have helped attract billions of dollars in long-term investments
