Nigeria Approves N6.4 Trillion PPP Projects to Boost Infrastructure Development

The Federal Executive Council (FEC) has approved three major Public-Private Partnership (PPP) projects worth over N6.43 trillion, signaling a significant wave of private-sector investment into Nigeria’s infrastructure landscape. The projects include two deep seaports and a 460-megawatt hydropower plant, and are expected to drive economic growth, create jobs, and improve the country’s competitiveness .

The Approved Projects

The three projects approved by the FEC are:

Bakassi Deep Seaport. A $2.27 billion greenfield development designed to accommodate larger vessels and integrate an industrial cluster and Free Trade Zone.
Port of Ondo Deep Seaport: A $1.14 billion project expected to open up the South-West’s solid minerals and agro-allied value chains and position Ondo State as a new logistics and export corridor.
Katsina-Ala Hydropower Plant: An $878.1 million project that will increase Nigeria’s renewable energy footprint and provide electricity to thousands of households and businesses .

The approved projects are expected to have a significant impact on Nigeria’s economy, including:

The projects are expected to create thousands of jobs in the construction, logistics, and manufacturing sectors.
The projects will drive economic growth by increasing Nigeria’s competitiveness, improving trade routes, and expanding the country’s renewable energy footprint.
Infrastructure Development: The projects will improve Nigeria’s infrastructure, including ports and power generation capacity .

The approval of these projects is in line with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes private-sector-led infrastructure development as a catalyst for national growth, economic competitiveness, and job creation. The FEC’s approval of these projects demonstrates the government’s commitment to improving the country’s infrastructure and creating a favorable business environment.

The approval of these PPP projects is a significant step towards improving Nigeria’s infrastructure and driving economic growth. The projects are expected to create jobs, increase competitiveness, and improve the country’s renewable energy footprint. As the projects move forward, it will be essential to ensure that they are implemented in a transparent and efficient manner .