The Federal Executive Council (FEC) has approved three major public-private partnership projects valued at over N6.43 trillion ($4.29 billion) to strengthen Nigeria’s infrastructure, enhance economic competitiveness, and attract private-sector investment nationwide.

The director-general of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, announced the approvals in a statement on Friday by the commission’s spokesperson, Ifeanyi Nwoko.

Mr Ewalefoh said the approvals reflected the practical outcomes of President Bola Tinubu’s Renewed Hope Agenda, which emphasised private-sector-led infrastructure development as a catalyst for national growth.

According to him, the rising inflow of foreign direct investments into Nigeria is a result of policy clarity, economic liberalisation, and strengthened regulatory institutions under the current government’s reform initiatives.

He disclosed that the newly approved projects form the second batch of seven PPP initiatives endorsed by FEC within the last month, all under the regulatory supervision and oversight of the ICRC.

“The three projects, fully funded by private investors, include the Bakassi Deep Seaport ($2.27 billion) and the Port of Ondo Deep Seaport ($1.14 billion), along with the 460 MW Katsina-Ala Hydropower Plant,” he said.

Mr Ewalefoh said the projects reaffirmed the government’s commitment to leveraging PPPs as strategic instruments to accelerate economic growth, encourage technology transfer, and achieve sustainable development across multiple critical infrastructure sectors.

He explained that the Bakassi Deep Seaport would serve as a new maritime gateway for North-Central and North-East Nigeria, while the Port of Ondo Deep Seaport would unlock solid minerals and agro-allied potential.

On the Katsina-Ala Hydropower Plant, Mr Ewalefoh said the renewable-energy project would inject reliable base-load electricity into the national grid, stimulating industrial and economic activities across the North-Central region and beyond.

He described the approved projects as “decisive, multi-sectoral investments” that address Nigeria’s infrastructure gaps, noting that the two deep-sea ports alone, valued at over $3.4 billion, would optimise maritime trade routes and reduce pressure on existing ports.

Mr Ewalefoh added that the Bakassi Deep Seaport, a greenfield development, would accommodate large vessels, integrate an industrial cluster, and establish a Free Trade Zone, creating thousands of jobs and boosting Nigeria’s maritime competitiveness.

On the Katsina-Ala project, he said its $878 million investment demonstrates a strategic shift toward cleaner, sustainable power solutions capable of transforming regional productivity and strengthening Nigeria’s national energy supply.

The DG recalled that in November, the FEC approved an earlier batch of three PPP projects, including the Product Authentication and Tracking System (PATS), the V-PASS biometric verification platform, and the Port Harcourt International Airport concession.

Those projects, he said, attracted a combined $230.9 million in private investment, further solidifying the government’s commitment to expanding infrastructure through public-private partnerships and driving economic development.

He added that the approvals brought the total number of PPP projects endorsed in 2025 to at least 13.

The projects include MediPool, the Maritime Electronic Management System (MEMS), the Ikere Gorge Hydropower Plant, the Coastal Fisheries Terminal (Borokiri), the Farin Ruwa 20MW Hydropower Project, and the Enugu International Airport concession.

Mr Ewalefoh added that the consistent approvals reflected Mr Tinubu’s confidence in the commission’s mandate and further empowered the agency to deliver greater value, stimulate economic growth, and accelerate national infrastructure development for all Nigerians.

(NAN)