The Federal Executive Council (FEC) has approved three Public-Private Partnership (PPP) projects, attracting an injection of over N6.43 trillion (approximately $4.29 billion) in private capital into the Nigerian economy.
The development was announced by the Infrastructure Concession Regulatory Commission (ICRC) in a press release shared with Nairametrics on Friday.
The newly approved projects include the Bakassi Deep Seaport ($2.27bn Federal Ministry of Marine and Blue Economy), the Port of Ondo Deep Seaport ($1.14bn Federal Ministry of Marine and Blue Economy), and the Katsina-Ala Hydropower Plant ($878.1m Federal Ministry of Water Resources and Sanitation).
According to the ICRC, the projects are to be fully financed by the private sector. This brings the number of PPP projects approved in 2025 alone to over 13.
What the ICRC DG Is Saying
The Director-General of the Infrastructure Concession Regulatory Commission, Dr. Jobson Oseodion Ewalefoh, stated that the rising inflow of foreign direct investments is a direct outcome of President Bola Ahmed Tinubu’s reform agenda, which combines policy clarity, economic liberalisation, and strengthened regulatory institutions.
According to him, these reforms are translating into tangible results for Nigeria, “as evidenced by the scale and quality of PPP projects approved in recent months.”
The Commission disclosed that the newly approved projects, which constitute the second batch of seven PPP initiatives, were endorsed by the Council last month under the regulatory guidance of the ICRC.
Ewalefoh said the new projects—totalling over $4.29 billion in private sector investment—reaffirm the Federal Government’s resolve to leverage PPPs as strategic instruments for economic growth, technology transfer, and sustainable development.
He explained that the Bakassi Deep Seaport will serve as a new maritime gateway for Nigeria’s North-Central and North-East regions and as a major hub for West and Central Africa, while the Port of Ondo Deep Seaport will unlock the South-West’s solid mineral and agro-allied potential.
He added that the 460MW Katsina-Ala Hydropower Plant, a renewable-energy project, will inject steady baseload power into the national grid and stimulate economic activity in the North-Central region and beyond.
“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 in private capital, will fundamentally optimise our maritime trade routes and decongest existing port facilities,” the DG noted.
More Insights
Earlier in November, the FEC approved the first batch of three PPP projects — the Product Authentication and Tracking System (PATS) under the Federal Ministry of Industry, Trade and Investment; the V-PASS contactless biometric verification platform; and the Port Harcourt International Airport concession under the Federal Ministry of Aviation and Aerospace Development.
These approved projects attracted an additional $230.9 million in private investment, according to the ICRC.
Other PPP projects approved in 2025 include MediPool — Federal Ministry of Health and Social Welfare; the Maritime Electronic Management System (MEMS) — Nigerian Maritime Administration and Safety Agency; the Ikere Gorge 6MW Hydropower Plant — Federal Ministry of Power; the Coastal Fisheries Terminal, Borokiri; the Farin Ruwa 20MW Hydropower Project — Federal Ministry of Water Resources and Sanitation; and the Enugu International Airport — Federal Ministry of Aviation and Aerospace Development, among others.
Backstory
Nairametrics previously reported that the ICRC, in August 2025, issued new guidelines on Public-Private Partnerships (PPPs), decentralising approval powers to Ministries, Departments, and Agencies (MDAs) to speed up project delivery and attract private sector investment.
- The new PPP guidelines build on a policy approved by President Bola Tinubu in June 2025, which authorised the ICRC to independently approve projects below N20 billion without Federal Executive Council (FEC) clearance. Under this directive, ministries can now approve projects under N20 billion, while agencies and parastatals can handle those below N10 billion.
- To support this, the framework introduced Project Approval Boards (PABs) within MDAs to vet and approve eligible projects, subject to ICRC certification.
- Larger projects above the threshold or those involving multiple ministries still require FEC approval.
Importantly, all PPP projects must be fully financed by the private sector, with no federal treasury guarantees or commitments. Regardless of size or scope, every project must pass through the ICRC’s regulatory checks before final approval.
