Abuja: The Federal Government has commenced structured development of the Ikom Multipurpose Dam and Hydropower Project under a Public-Private Partnership (PPP) framework. The Director-General of ICRC, Jobson Ewalefoh, announced this in a statement, highlighting the strategic importance of the project.
According to News Agency of Nigeria, the move follows the inaugural meeting of the Presidential Project Development Committee (PDC) convened by the Infrastructure Concession Regulatory Commission (ICRC). This committee was established after a high-level stakeholder meeting at the Aso Rock Presidential Villa, where the Ikom Multipurpose Dam was designated as a strategic national intervention. A Project Steering Committee and a Project Development Committee were also constituted to oversee the development process, with the ICRC mandated to chair the PDC.
Ewalefoh emphasized the project’s significance, noting the need for technical, regulatory, and strategic coordination. The dam is regarded as a national asset meant to control flooding, provide renewable energy, optimize water resources, and support regional economic development. The committee’s responsibility is to guide the project from concept to bankability while ensuring public interest and attracting credible private sector participation.
Immediate next steps include reviewing and validating existing feasibility and hydrological studies and clarifying the project scope. The committee will also determine the appropriate PPP structure and risk allocation framework and begin appointing a transaction adviser. Additionally, a project preparation roadmap will be developed to ensure transparency and compliance with national PPP standards.
Finance Minister Wale Edun stated that the Ikom project would be structured as a sustainable, viable, and commercially significant transaction to attract credible private sector participation. He emphasized the project’s potential to operate efficiently over the long term while delivering social and economic value. Under President Bola Tinubu’s leadership, Nigeria is focusing on strengthening economic reforms and building a system based on fiscal discipline and long-term value creation.
The meeting included representatives from the Federal Ministry of Water Resources, the Nigeria Sovereign Investment Authority (NSIA), Nigerian National Petroleum Company Limited, the Cross River Government, and Ikom Power Limited. Members of the Project Development Committee were drawn from various federal ministries and relevant organizations.
The Ikom Multipurpose Dam is planned as a strategic intervention within the River Benue Basin to address recurring flooding and deliver about 250 megawatts of renewable base-load hydropower. The project is expected to enhance flood resilience, strengthen energy security, optimize water resources, and stimulate economic growth in Cross River and surrounding regions. As a presidential initiative, the Federal Government is committed to developing the project transparently and responsibly in line with national PPP standards.