The Nigerian Government has commenced the structured development of the Ikom Multipurpose Dam and Hydropower Project under a Public-Private Partnership (PPP) framework.
The development follows the inauguration of the Presidential Project Development Committee (PDC).
The Infrastructure Concession Regulatory Commission (ICRC) convened the inaugural meeting of the committee in Abuja, Nigeria’s capital, marking the formal start of the project’s development process.
The committee was established following resolutions reached at a high-level stakeholder meeting at the Presidential Villa, where the Ikom Multipurpose Dam was designated a strategic national intervention.
At the meeting, a Project Steering Committee (PSC) and a Project Development Committee (PDC) were constituted, with the Presidency nominating the ICRC to chair the PDC.
The meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, representatives of the Federal Ministry of Water Resources, the Managing Director of the Nigeria Sovereign Investment Authority (NSIA), representatives of the Nigerian National Petroleum Company (NNPC), officials of the Cross River State Government, and Ikom Power Limited.
Speaking at the meeting, Director-General and Chief Executive Officer of the ICRC, Dr. Jobson Oseodion Ewalefoh described the project as a strategic national asset with far-reaching socio-economic benefits.
Dr. Ewalefoh said; “the dam project was not only a hydropower initiative but a multipurpose infrastructure intervention aimed at addressing flooding, providing renewable energy, improving water resource availability, and driving regional economic development.”
He explained that the committee had been tasked with guiding the project from concept to bankability in a way that protects public interest while attracting credible private sector participation.
According to him, “immediate steps 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, and the appointment of a Transaction Adviser.’
He said that the committee would also develop a clear project preparation roadmap to ensure efficient delivery.
The Minister of Finance and Coordinating Minister of the Economy stressed that the project must be structured as a sustainable, viable, and commercially significant transaction capable of attracting credible investors and operating efficiently over the long term.
Dr. Ewalefoh said that “Nigeria, under the leadership of President Bola Ahmed Tinubu, is implementing reforms aimed at strengthening economic stability and positioning the country as a leading economy in Africa.”
Members of the Project Development Committee were drawn from the Federal Ministries of Finance, Water Resources and Power, Cross River State Government, ICRC, NNPC, NSIA, and Ikom Power Limited.
The Ikom Multipurpose Dam is expected to deliver about 250 megawatts of renewable baseload hydropower, while also improving flood control, enhancing water resource management, and stimulating economic growth in Cross River State and neighbouring regions.
The Nigerian Government said the project would be developed within a structured governance framework to ensure transparency, accountability, and compliance with national PPP standards.