Nigeria Clears $4.29 Billion In Ports, Power Projects As Private Capital Returns

Private capital is flowing back into Nigeria’s infrastructure space after the federal government approved three large-scale public private partnership projects valued at $4.29 billion. The approvals signal growing investor confidence in the country’s reform push and underline the administration’s strategy of using private funding to close critical infrastructure gaps.

What happened

The federal government approved three privately financed infrastructure projects under the public private partnership (PPP) framework. They are the Bakassi Deep Seaport in Cross River State, the Port of Ondo Deep Seaport in the South West, and the 460-megawatt Katsina Ala Hydropower Plant in the North Central region.

All three projects fall under the regulatory oversight of the Infrastructure Concession Regulatory Commission (ICRC) and will be fully financed by private investors. Together, they represent one of the largest single inflows of private capital into Nigerian infrastructure in recent times.

Director- General of the ICRC, Dr Jobson Oseodion Ewalefoh, said the scale of the approvals reflects renewed confidence by both local and foreign investors in Nigeria’s economic direction.

According to him, clearer policies, economic liberalisation, and stronger regulatory institutions are beginning to translate into projects that investors consider bankable.

“These are decisive, multi sector investments that address real national needs,” Ewalefoh said. He noted that the two deep seaport projects alone account for over $3.4 billion in private capital and would significantly improve Nigeria’s maritime trade routes while easing congestion at existing ports.

Inside the port projects

The Bakassi Deep Seaport is estimated at $2.27 billion and is being developed under the Federal Ministry of Marine and Blue Economy. Ewalefoh described it as a new maritime gateway that would serve Nigeria’s North Central and North East regions while strengthening the country’s position as a logistics hub for West and Central Africa.

The project is a greenfield development designed to handle larger vessels and integrate an industrial cluster and Free Trade Zone. Officials say this combination is expected to create thousands of jobs and deepen regional trade connections.

The Port of Ondo Deep Seaport, valued at about 1.14 billion dollars, is also under the Marine and Blue Economy ministry. It is expected to support the export of solid minerals and agro allied products from the South West, while providing an alternative trade outlet that reduces pressure on Lagos ports.

Power investment shifts focus to renewables

Beyond ports, the approvals include the $878 million Katsina Ala Hydropower Plant, a 460 megawatt renewable energy project under the Federal Ministry of Water Resources and Sanitation.

Ewalefoh said the plant would deliver steady base load power to the national grid and stimulate economic activity across the North Central corridor.

He described the project as a major step toward addressing Nigeria’s electricity shortfall while advancing a cleaner and more reliable energy mix.

Why it matters for business

The approvals align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which places private sector participation at the centre of growth, competitiveness, and job creation. For investors, the projects signal policy consistency and a regulatory environment that supports long term capital commitments.

For businesses, improved port infrastructure means lower logistics costs, faster trade flows, and expanded export capacity. Additional power supply reduces operational risks for manufacturers and supports industrial expansion beyond traditional commercial centres.

The latest approvals form part of the second batch of PPP projects cleared within a month. Earlier in November, the government approved projects including the Port Harcourt International Airport concession, the Product Authentication and Tracking System, and the V PASS biometric verification platform, attracting another 230.9 million dollars in private investment.

With more than 13 PPP projects approved in 2025 alone across sectors such as healthcare, airports, fisheries, maritime systems, and power, the administration is signalling that private capital will remain central to Nigeria’s infrastructure delivery strategy.

Ewalefoh said the steady pace of approvals reflects confidence in the ICRC’s mandate and sends a clear message that Nigeria remains open to large scale, privately funded infrastructure investment across Africa’s largest economy.