FEC Approves Bakassi, Ondo Deep Seaports Under $4.29bn PPP Projects
- Nigeria’s Federal Executive Council has approved over N6.43 trillion in Public-Private Partnership (PPP) projects to boost infrastructure and investment
- The ICRC said the projects include two deep-seaports and a hydropower plant funded entirely by private investors, adding that at least 13 PPP projects have been approved in 2025
- The approvals form part of President Tinubu’s agenda to drive private-sector-led development and attract foreign investment
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, tech and macroeconomic trends in Nigeria.
The Federal Executive Council (FEC) has approved the construction of Bakassi and Ondo deep seaports as part of three major Public-Private Partnership (PPP) projects worth more than N6.43 trillion (4.29 billion dollars).
As reported by the News Agency of Nigeria, the third project is the 460MW Katsina-Ala Hydropower Plant.
Source: Getty Images
According to a statement issued in Abuja by the Acting Head of Media at the Infrastructure Concession Regulatory Commission (ICRC), Ifeanyi Nwoko, the agency’s Director-General, Dr Jobson Ewalefoh, said the approvals are part of ongoing efforts to expand Nigeria’s infrastructure and draw stronger private-sector participation.
Ewalefoh noted that the new endorsements are part of President Bola Tinubu’s Renewed Hope Agenda, which prioritises investment-led growth, job creation, and improved national competitiveness. He added that recent increases in foreign direct investment reflect the impact of ongoing economic reforms and clearer policies.
According to the ICRC D-G, the Bakassi Deep Seaport is expected to gulp $2.27 billion, the Port of Ondo Deep Seaport is estimated at $1.14 billion, and the 460MW Katsina-Ala Hydropower Plant is valued at $878 million
He explained that newly approved projects from the second batch of seven PPP initiatives endorsed by FEC within the last month, all under the regulatory supervision and oversight of the ICRC. He said the projects would create jobs and enhance sustainable development across key sectors.
He highlighted that the Bakassi Deep Seaport is designed to serve as a gateway for North-Central and North-East Nigeria, while the Port of Ondo Deep Seaport is expected to support the solid minerals and agro-allied value chains.
On the Katsina-Ala Hydropower Plant, Ewalefoh said the renewable energy facility would supply dependable electricity to the national grid and boost industrial activities across the North-Central region.
Deep seaports to reduce port congestion
He described the multi-sector projects as targeted investments that address critical infrastructure gaps, noting that the two deep-seaports would ease pressure on existing ports and strengthen maritime trade routes.
Analysts have called for the development of the various moribund seaports in the South-South corridor in order to ease the congestion at the ports in Lagos.
Ewalefoh added that the Bakassi Deep Seaport, a greenfield development, will host large vessels, support an industrial cluster, and include a Free Trade Zone expected to generate thousands of jobs and enhance maritime competitiveness.
Speaking further, he said the $878 million Katsina-Ala project signals a shift toward cleaner power sources capable of improving productivity and reinforcing the country’s energy supply.
The DG recalled that FEC had earlier approved three PPP projects in November: the Product Authentication and Tracking System (PATS), the V-PASS biometric verification platform, and the Port Harcourt International Airport concession. Those projects attracted a combined private investment of 230.9 million dollars.
He noted that with the latest decisions, at least 13 PPP projects have been approved in 2025. These include MediPool under the Federal Ministry of Health and Social Welfare, the Maritime Electronic Management System (MEMS) under NIMASA, the Ikere Gorge Hydropower Plant, the Coastal Fisheries Terminal in Borokiri, the Farin Ruwa 20MW Hydropower Project, and the Enugu International Airport concession.
Source: Getty Images
FEC approves concession of the Cargo and Agro-allied airport
Legit.ng earlier reported that, under a public and private partnership deal, the Nigerian government approved the concession of the Cargo and Agro-allied airport in Taraba state.
The arrangement is expected to last three decades, with projected earnings of up to N4.1 trillion across multiple sectors.
The project, which was also approved by the FEC, will be run in a public-private partnership, under the regulatory guidance of the ICRC.
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