The Infrastructure Concession Regulatory Commission (ICRC) says the Federal Government-approved Ikom Multipurpose Dam and 250MW Hydropower Project has formally commenced under a Public-Private Partnership (PPP) development framework.
The disclosure was made in a statement signed by the Acting Head of Media and Publicity, ICRC, Ifeanyi Nwoko, on Thursday.
The development followed the establishment of the Presidential Project Development Committee (PDC) for the Ikom project at a stakeholder meeting previously held at the Presidential Villa under the purview of the Office of the Vice President, where the ICRC was directed to chair the Project Development Committee.
What they are saying
According to the official, the inaugural meeting of the PDC marked the formal commencement of the “structured development of the project under a Public-Private Partnership (PPP) framework.”
- The Ikom Multipurpose Dam is said to be designed as a strategic national intervention on the River Benue Basin “to address recurring flooding while delivering approximately 250MW of renewable baseload hydropower.”
- “The project is expected to enhance flood resilience, strengthen energy security, optimise water resources, and stimulate regional economic growth in Cross River State and adjoining regions,” the statement partly reads.
Speaking at the meeting, the Director-General/CEO of the ICRC, Dr. Jobson Oseodion Ewalefoh, PhD, explained that the project is a “multipurpose infrastructure intervention designed to control flooding, provide renewable energy, optimise water resource availability, and ensure regional economic development.”
- The DG outlined immediate next steps to include the “review and validation of existing feasibility and hydrological studies, clarification of project scope and optimisation considerations, determination of the appropriate PPP structure and risk allocation framework, commencement of the process for appointing a Transaction Adviser, and development of a clear project preparation roadmap.”
Ewalefoh urged the committee to guide the project from concept to bankability in a manner that protects public interest while attracting credible private sector participation.
The ICRC submitted that the project will be developed transparently, responsibly, and in full compliance with national PPP standards.
On his part, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was quoted as stating that the Ikom project must be structured as a sustainable, viable, socially relevant, and commercially significant transaction that attracts credible private sector participation and operates efficiently over the long term.
He assured that the major distortions that once threatened Nigeria’s financial stability have been removed, paving the way for stakeholders to build a society anchored on discipline, reform, and long-term value creation.
According to the statement, members of the Project Development Committee are drawn from the Federal Ministries of Finance, Water Resources and Power; the Cross River State Government; ICRC; NNPC; NSIA; and Ikom Power Limited.
What You Should Know
Hydropower plants play a key role in Nigeria’s national power grid.
- Recent reports from the national grid indicate a further decline in electricity generation across Nigeria.
- Out of more than 30 power plants, only eight stations contributed to the grid, producing a combined total of approximately 1,212MW.
- Hydropower plants dominated supply, with Kainji Hydroelectric Power Station generating 425MW, Zungeru Hydro producing 299MW, and Shiroro Hydro contributing 274.32MW.
Further to this, Nigeria has about 400 dams, many of which are affected by siltation, while roughly a quarter of newly irrigated land is lost each year due to poor maintenance and water management.
