FG approves ₦6.43 trillion PPP to expand Nigeria’s port infrastructure
The approvals cover the Bakassi Deep Seaport and the Port of Ondo Deep Seaport, both under the Federal Ministry of Marine and Blue Economy.
Dr. Jobson Oseodion Ewalefoh, the Director General of the Infrastructure Concession Regulatory Commission
The Federal Executive Council has approved two deep seaport projects under public-private partnership frameworks, committing more than ₦6.43 trillion in private capital as the government moves to expand Nigeria’s maritime infrastructure and reposition its port economy.
The approvals cover the Bakassi Deep Seaport and the Port of Ondo Deep Seaport, both under the Federal Ministry of Marine and Blue Economy. Together, the two port projects account for more than $3.4 billion in private investment and are to be fully financed by private investors under the oversight of the Infrastructure Concession Regulatory Commission.
According to Dr. Jobson Oseodion Ewalefoh, the Director General of the Infrastructure Concession Regulatory Commission, the approvals show that investors are becoming more confident in Nigeria’s maritime sector, thanks to clear rules and changes that encourage private investment in big infrastructure projects.
He said the Bakassi Deep Seaport, valued at $2.27 billion, is designed to serve as a new maritime gateway for Nigeria’s North Central and North East regions while positioning the country as a hub for West and Central African trade. The project is planned as a greenfield development capable of handling larger vessels and integrating an industrial cluster and free trade zone.
The Port of Ondo Deep Seaport, with an estimated investment of $1.14 billion, is intended to support export growth from the South West, particularly solid minerals and agro-allied commodities. The project is expected to strengthen Nigeria’s port capacity outside existing congested gateways and improve access to global shipping routes.
Dr Ewalefoh said, “The approval of the two deep seaport projects alone, totalling over $3.4 billion in private capital, will fundamentally optimise our maritime trade routes and decongest existing port facilities.”
He added that the scale of private participation in the port projects reflects the Federal Government’s strategy of using PPPs to modernise maritime infrastructure, deepen the blue economy and improve Nigeria’s competitiveness in regional and global trade.
In a related approval, the Council also cleared the 460 MW Katsina-Ala Hydropower Plant under a PPP structure, alongside other non-maritime infrastructure projects endorsed earlier in the year.
