FG approves N6.4tn PPP projects to boost ports, power

Kindly share this story:

The Federal Executive Council has approved three major Public-Private Partnership projects valued at over N6.43tn, signaling another significant wave of private-sector investment into Nigeria’s infrastructure landscape.

The projects — two deep seaports and a 460-megawatt hydropower plant — form the second batch of PPP initiatives cleared by the Council within one month, underscoring President Bola Tinubu’s push for private capital as a driver of growth under the Renewed Hope Agenda.

The approvals were announced in a statement released by the Director-General of the Infrastructure Concession Regulatory Commission, Jobson Ewalefoh, on Friday.

He said the deals represent one of the strongest signals yet that the government’s reform agenda is yielding measurable impact.

The statement read, “The Federal Executive Council has approved three transformative Public-Private Partnership (PPP) projects, confirming an injection of over N6.43tn (approximately $4.29bn) in private capital into the Nigerian economy. These approvals underscore the practical impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises private-sector-led infrastructure delivery as a catalyst for national growth, economic competitiveness, and job creation.”

He explained that improved policy clarity, economic liberalisation, and strengthened regulatory institutions have boosted investor confidence, enabling the Federal Government to unlock billions of dollars in long-term investments.

The newly approved projects constitute the second batch of seven PPP initiatives endorsed by the Council in the last month, all under the regulatory guidance of the Infrastructure Concession Regulatory Commission.

The new projects include the $2.27bn Bakassi Deep Seaport, the $1.14bn Port of Ondo Deep Seaport, and the $878.1m Katsina-Ala Hydropower Plant, all to be fully financed, developed, and operated by private investors.

Ewalefoh said the projects reaffirm the Tinubu administration’s resolve to deploy PPPs to accelerate economic competitiveness, enhance trade, and expand Nigeria’s renewable-energy footprint.

He explained that the Bakassi Deep Seaport, a greenfield development, would create a new maritime gateway for the North-Central and North-East and serve as a major hub for West and Central Africa.

“These are decisive, multi-sectoral investment portfolios that directly address national needs. The approval of the two deep-seaport projects alone, totalling over $3.4bn in private capital, will fundamentally optimise our maritime trade routes and decongest existing port facilities.

“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 approval of the two deep-seaport projects alone, totalling over $3.4bn, will fundamentally optimise our maritime trade routes and decongest existing port facilities,” he said.

He added that 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 new logistics and export corridor.

On the hydropower project, he said, “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.”

The latest approvals follow the clearance of three PPP projects earlier in November — the Product Authentication and Tracking System, the V-PASS contactless biometric verification platform, and the Port Harcourt International Airport concession — which attracted an additional $230.9m in private capital.

With the approvals announced on Thursday, the total number of PPP projects endorsed in 2025 has now exceeded 13, spanning maritime, health, aviation, power, and industrial sectors.

Other PPP projects approved this year include the MediPool initiative under the Health Ministry; the Maritime Electronic Management System of NIMASA; the Ikere Gorge 6MW Hydropower Plant; the Borokiri Coastal Fisheries Terminal; the Farin Ruwa 20MW Hydropower Project; and the concession for Enugu International Airport.

Ewalefoh commended President Tinubu for what he described as “consistent support” for the ICRC, noting that the President’s push to strengthen regulatory institutions has repositioned the Commission as the engine room for PPP development.

“These consistent approvals reflect Mr President’s trust in the ICRC’s mandate and further empower us to deliver even greater value to the nation,” he said.

Nigeria has increasingly turned to PPPs to expand its ageing infrastructure stock amid tight public revenues and rising fiscal pressures. The model allows private investors to finance, build, and operate major assets — particularly in ports, airports, and power — with returns tied to user fees or long-term concessions.

The strategy is crucial for Nigeria’s growth trajectory, with the country requiring an estimated $100bn annually in infrastructure spending to close its deficit.

It also confirms the administration’s intent to shift heavy infrastructure financing to the private sector while improving regulatory oversight to attract long-term capital.

A business, investment, infrastructure and property correspondent currently with The PUNCH, Aina is a media professional with over three years experience

Kindly share this story:

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

UPDATE NEWS: Nigerians can now invest ₦2.5million on premium domains and profit about ₦17-₦25Million. All earnings paid in US Dollars. Rather than wonder, 👉 click here to find out how it work (Be sure to ask for evidence of clients that have benefitted from this)

Stay informed and ahead of the curve! Follow The Punch Newspaper on WhatsApp for real-time updates, breaking news, and exclusive content. Don't miss a headline – join now!

Stay in the know—fast. Get instant alerts, breaking headlines, and exclusive stories with the Punch News App. Download now and never miss a beat.