The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects valued at over N6.43 trillion, marking another significant step by the Federal Government to deepen private-sector participation in Nigeria’s infrastructure development.

The approvals, which cover two deep seaports and a 460-megawatt hydropower plant, were announced on Friday by the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr Jobson Ewalefoh.

Ewalefoh said the projects represent the second batch of PPP initiatives approved by the Council within one month, underscoring the administration of President Bola Ahmed Tinubu’s commitment to leveraging private capital under the Renewed Hope Agenda.

According to him, the approvals confirm an injection of over N6.43 trillion, estimated at about 4.29 billion dollars, in private capital into the Nigerian economy.

“The Federal Executive Council has approved three transformative Public-Private Partnership projects, confirming an injection of over N6.43tn 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,” Ewalefoh said.

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

The newly approved projects include the 2.27-billion-dollar Bakassi Deep Seaport, the 1.14-billion-dollar Port of Ondo Deep Seaport and the 878.1-million-dollar Katsina-Ala Hydropower Plant.

Ewalefoh said all the projects would be fully financed, developed and operated by private investors under the regulatory supervision of the ICRC.

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

On the Bakassi Deep Seaport, Ewalefoh described it as a greenfield development that would create a new maritime gateway for the North-Central and North-East zones, while serving 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 3.4 billion dollars in private capital, will fundamentally optimise Nigeria’s maritime trade routes and decongest existing port facilities,” he said.

He added that the Bakassi Deep Seaport is designed to accommodate larger vessels and integrate an industrial cluster and Free Trade Zone, which would create thousands of jobs and position Nigeria as a preferred maritime destination.

Speaking further, Ewalefoh said the Port of Ondo Deep Seaport is expected to unlock the South-West’s solid minerals and agro-allied value chains, while positioning Ondo State as a new logistics and export corridor.

On the power project, he said the Katsina-Ala Hydropower Plant would help address Nigeria’s persistent electricity deficit and unlock vast renewable energy potential.

“The 460-megawatt Katsina-Ala Hydropower Plant is a monumental greenfield project that will supply essential base-load power to the national grid and stimulate significant economic activity across the region.

“It is a strategic commitment to a cleaner, more reliable and more sustainable energy future for our country,” he said.

Ewalefoh recalled that the latest approvals followed the clearance of three PPP projects earlier in November, including the Product Authentication and Tracking System, the V-PASS contactless biometric verification platform and the Port Harcourt International Airport concession, which attracted about 230.9 million dollars in private capital.

He disclosed that with the latest approvals, the total number of PPP projects endorsed in 2025 has exceeded 13, cutting across maritime, health, aviation, power and industrial sectors.

Other PPP projects approved this year include the MediPool initiative under the Federal Ministry of Health, the Maritime Electronic Management System of the Nigerian Maritime Administration and Safety Agency (NIMASA), the Ikere Gorge 6MW Hydropower Plant, the Borokiri Coastal Fisheries Terminal, the Farin Ruwa 20MW Hydropower Project and the concession of the Enugu International Airport.

Ewalefoh commended President Tinubu for what he described as consistent support for the ICRC, noting that the strengthening of regulatory institutions had repositioned the Commission as a key driver of PPP development in Nigeria.

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

Nigeria has increasingly turned to PPPs to expand its ageing infrastructure amid limited public revenues and rising fiscal pressures.

The PPP model allows private investors to finance, build and operate major infrastructure assets, particularly in ports, airports and power, with returns tied to user fees or long-term concessions.

Experts estimate that Nigeria requires about 100 billion dollars annually in infrastructure spending to close its infrastructure gap, making private-sector participation critical to the country’s long-term growth trajectory.