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From Idu Jude, Abuja
In a major move to tackle perennial flooding and boost renewable energy, the Federal Government has inaugurated the Presidential Project Development Committee (PDC) for the Ikom Multipurpose Dam project. The initiative, coordinated by the Infrastructure Concession Regulatory Commission (ICRC), marks a decisive step toward structuring the project under a Public-Private Partnership (PPP) framework to ensure transparency, bankability and long-term sustainability.
The directive follows resolutions from a stakeholder meeting at the Presidential Villa, where the Ikom Multipurpose Dam was identified as a strategic national intervention. At the meeting, both a Project Steering Committee (PSC) and the Project Development Committee were established, with ICRC tasked to chair the PDC.
The inaugural meeting brought together key stakeholders, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, representatives from the Ministry of Water Resources, the Managing Director of the Nigeria Sovereign Investment Authority (NSIA), officials from the NNPC, the Cross River State Government and Ikom Power.
Director-General and Chief Executive Officer of the ICRC, Dr. Jobson Ewalefoh, underscored the national importance of the project. “These projects have been designated as strategic national assets, not merely hydropower initiatives. The Ikom Multipurpose Dam is a multipurpose infrastructure intervention designed to control floods, provide renewable energy, optimise water resource availability, and drive regional economic development,” he said.
He further outlined the Committee’s mandate, emphasising its technical, regulatory, and strategic responsibilities. “Our obligation is to guide this project from concept to bankability in a manner that protects public interest while attracting credible private sector participation,” Dr. Ewalefoh added.
Immediate next steps, he explained, include reviewing and validating existing feasibility and hydrological studies, clarifying project scope and optimisation considerations, determining the appropriate PPP structure and risk allocation, commencing the process for appointing a Transaction Adviser and developing a comprehensive project preparation roadmap.
Edun emphasised that the project must be “a sustainable, viable, socially relevant, and commercially significant transaction” capable of drawing credible private investors and operating efficiently over the long term.
He noted that under the leadership of President Bola Tinubu, Nigeria has strengthened its financial stability and positioned itself as a model economy in Africa. “Major distortions that once threatened our financial stability have been removed, and we are building a society anchored on discipline, reform, and long-term value creation,” he said.
Members of the Project Development Committee are drawn from the Federal Ministries of Finance, Water Resources, and Power, as well as the Cross River State Government, ICRC, NNPC, NSIA, and Ikom Power Limited.
The Ikom Multipurpose Dam, strategically situated on the River Benue Basin, is designed to address recurring flooding while generating approximately 250MW of renewable baseload hydropower. Beyond energy production, the project is expected to strengthen flood resilience, enhance water resource management, and stimulate regional economic growth in Cross River State and neighbouring areas.
As a presidential initiative, the Federal Government has put in place a structured governance framework to ensure that the project is executed responsibly, transparently, and fully in compliance with national PPP standards. Officials say the Ikom Dam could become a benchmark for future multipurpose infrastructure projects in Nigeria, combining social, environmental, and commercial objectives to deliver lasting value.
