FG approves Bakassi, Ondo deep seaports, Katsina-Ala hydropower project
Secures $4.29bn private investment
By Kunle Sanni –
The federal government has approved the development of the Bakassi Deep Seaport, Ondo Deep Seaport and the Katsina-Ala Hydropower Plant under the Public-Private Partnership (PPP) framework, attracting about $4.29 billion in private sector investment.
The Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, said the approvals reflect renewed investor confidence in Nigeria under the administration of President Bola Tinubu.
According to Ewalefoh, the Bakassi Deep Seaport is expected to serve as a new maritime gateway for Nigeria’s North-Central and North-East regions, while also positioning the country as a major logistics hub for West and Central Africa.
He explained that the Ondo Deep Seaport project is designed to unlock the South-West’s solid mineral and agro-allied potential. The port is expected to improve trade efficiency and support industrial growth across the region.
On power infrastructure, Ewalefoh said the 460-megawatt Katsina-Ala Hydropower Plant will inject steady base-load electricity into the national grid, helping to address Nigeria’s persistent power deficit while boosting economic activity in the North-Central region and beyond.
Describing the projects as decisive, multi-sectoral investments, the ICRC boss noted that the two deep seaport projects alone would attract over $3.4 billion in private capital and significantly optimise Nigeria’s maritime trade routes while easing congestion at existing ports.
He added that the Bakassi Deep Seaport is a greenfield development designed to accommodate larger vessels and integrate an industrial cluster and free trade zone, a move expected to create thousands of jobs and strengthen Nigeria’s position as a preferred maritime destination.
On the hydropower project, Ewalefoh said the $878 million investment represents a strategic commitment to a cleaner, more reliable and sustainable energy future, noting that it would provide essential base-load power and stimulate economic growth across the region.
