The federal government, on Thursday, March 12, approved the Ikom multipurpose dam and 250MW hydropower project, which has formally commenced under a Public-Private Partnership (PPP) development framework.
The disclosure was made in a statement signed by the acting head of media and publicity of the Infrastructure Concession Regulatory Commission (ICRC), Ifeanyi Nwoko.
The development follows the establishment of the Presidential Project Development Committee (PDC) for the Ikom project during a stakeholder meeting previously held at the presidential villa under the purview of the office of the vice president, where the ICRC was directed to chair the Project Development Committee (PDC).
According to the official, the inaugural meeting of the PDC marked the formal commencement of the structured development of the project under PPP framework.
The Ikom Multipurpose Dam is designed as a strategic national intervention on the River Benue Basin to address recurring flooding while delivering approximately 250MW of renewable baseload hydropower.
“The project is expected to enhance flood resilience, strengthen energy security, optimize water resources, and stimulate regional economic growth in Cross River State and adjoining regions,” the statement partly reads.
Speaking at the meeting, the Director-General (DG) of the ICRC, Jobson Oseodion Ewalefoh, explained that the project is a multipurpose infrastructure intervention designed to control flooding, provide renewable energy, optimize water resource availability, and ensure regional economic development.
Ewalefoh outlined immediate next steps, including the review and validation of existing feasibility and hydrological studies, clarification of project scope and optimization considerations, determination of the appropriate PPP structure and risk allocation framework, commencement of the process for appointing a transaction adviser, and development of a clear project preparation roadmap.
Ewalefoh urged the committee to guide the project from concept to bankability in a manner that protects public interest while attracting credible private sector participation.
The ICRC stated that the project will be developed transparently, responsibly, and in full compliance with national PPP standards.
The minister of finance and coordinating minister of the economy, Wale Edun, emphasized that the Ikom project must be structured as a sustainable, viable, socially relevant, and commercially significant transaction that attracts credible private sector participation and operates efficiently over the long term.
He assured that the major distortions that once threatened Nigeria’s financial stability have been removed, paving the way for stakeholders to build a society anchored on discipline, reform, and long-term value creation.
According to the statement, members of the PDC are drawn from the federal ministries of finance, water resources, and power; the Cross River state government; ICRC; Nigerian National Petroleum Corporation Limited (NNPCL); Nigeria Sovereign Investment Authority (NSIA); and Ikom Power Limited.
Recent reports from the national grid indicate a further decline in electricity generation across Nigeria.
Out of more than 30 power plants, only eight stations contributed to the grid, producing a combined total of approximately 1,212MW.
Hydropower plants dominated supply, with Kainji Hydroelectric Power Station generating 425MW, Zungeru Hydro producing 299MW, and Shiroro Hydro contributing 274.32MW.
Furthermore, Nigeria has about 400 dams, many of which are affected by siltation, while roughly a quarter of newly irrigated land is lost each year due to poor maintenance and water management.
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