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…Says project must be PPP-compliant
From Idu Jude Abuja
Preparatory to end perennial flooding across Nigeria, the Infrastructure Concession Regulatory Commission (ICRC) has convened the inaugural meeting of the Presidential Project Development Committee (PDC) a presidential directive to ensure a transparent, bankable, and responsible structure, for the Ikom Multipurpose Dam project.
The directive indicates that the project is formally commencing structured development under a Public-Private Partnership (PPP) framework to enshrine standards.
The Committee was established pursuant to resolutions reached at a high-level stakeholder meeting held at the Presidential Villa, where the Ikom Multipurpose Dam was designated as a strategic national intervention. At the meeting, a Project Steering Committee (PSC) and a Project Development Committee (PDC) were established, with the ICRC tasked with chairing the Project Development Committee.
The inaugural meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, representatives from the Ministry of Water Resources, the Managing Director of the NSIA, representatives of the NNPC, the Cross River State Government, and Ikom Power.
Speaking at the meeting, the Director-General/CEO of the ICRC, Dr. Jobson Oseodion Ewalefoh, underscored the significance of the assignment and the expectations attached to the Committee’s work. He re-emphasized that the projects have been designated as a strategic national asset, and not merely a hydropower initiative. It is a multipurpose infrastructure intervention designed to control floods, provide renewable energy, optimize water resource availability, and ensure regional economic development.”
Dr. Ewalefoh emphasized that the Committee’s responsibility is technical, regulatory, and strategic, with a clear obligation to guide the project from concept to bankability in a manner that protects public interest while attracting credible private sector participation.
The DG outlined immediate next steps, including 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, commencement of the process for appointing a Transaction Adviser, and development of a clear project preparation roadmap.
The Minister of Finance Wale Edun, stated that the Ikom project must be structured as “a sustainable, viable, socially relevant and commercially significant transaction” that will attract credible private sector participation and operate efficiently over the long term.
He added that Nigeria, under the able leadership of President Bola Ahmed Tinubu, has become a leading economy and example in Africa, as a beacon for others to follow, stated that the major distortions that once threatened our financial stability have been removed, and we are building a society anchored on discipline, reform, nd long-term value creation.”
Members of the Project Development Committee are drawn from the Federal Ministries of Finance, Water Resources and Power, Cross River Government, ICRC, NNPC, NSIA, Ikandom Power Limited
The Ikom Multipurpose Dam is designed as a strategic 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, optimise water resources, nd stimulate regional economic growth in Cross River State and adjoining regions.
As a Presidential initiative, the Federal Government has activated a structured governance framework to ensure the project is developed transparently, responsibly, and in full compliance with national PPP standards.
