FG Approves N6.4 Trillion PPP Projects to Expand Ports and Power Infrastructure
The Federal Executive Council has approved three major Public-Private Partnership (PPP) projects worth more than N6.43 trillion, marking another huge step in Nigeria’s efforts to attract private investment into key infrastructure sectors.
The newly approved projects include two deep seaports and a 460-megawatt hydropower plant. These are the second batch of PPP approvals granted within one month, highlighting President Bola Tinubu’s commitment to using private capital to grow the economy under his Renewed Hope Agenda.
The approvals were confirmed in a statement by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh. He noted that the projects show that government reforms are beginning to produce meaningful results, especially in increasing investor confidence.
According to the statement, the projects will inject over $4.29 billion (N6.43tn) in private-sector funding into Nigeria. These investments will be used to finance, build, and operate the facilities without putting pressure on government revenue.
The newly approved projects include:
- Bakassi Deep Seaport — $2.27bn
- Port of Ondo Deep Seaport — $1.14bn
- Katsina-Ala 460MW Hydropower Plant — $878.1m
Ewalefoh explained that these projects will greatly improve Nigeria’s maritime operations, expand renewable energy supply, and support national economic growth. He added that the Bakassi Deep Seaport is expected to become a major maritime gateway for the North-Central and North-East regions while also serving West and Central Africa.
For the Port of Ondo, he said the project will unlock new opportunities in the South-West, especially in solid minerals, agriculture, logistics, and exports.
Speaking on the hydropower plant, Ewalefoh described it as a major step toward solving Nigeria’s electricity shortage. The plant will supply important base-load power to the national grid and support businesses and industries across the region.
The new approvals follow earlier PPP decisions made in November, including the Product Authentication and Tracking System, the V-PASS biometric verification platform, and the concession of Port Harcourt International Airport, which attracted over $230 million in private investment.
With Thursday’s approvals, Nigeria has now cleared more than 13 PPP projects in 2025 alone. These projects cut across several sectors including health, maritime, aviation, power, and industrial development.
Ewalefoh praised President Tinubu for consistently supporting the ICRC and strengthening regulatory bodies to ensure Nigeria becomes more attractive to investors.
Nigeria’s growing reliance on PPPs comes at a time when public finances are under pressure. The country needs more than $100 billion annually to close its infrastructure gap, making private-sector partnerships essential for long-term development.
