The Federal Government has officially commenced the structured development of the Ikom Multipurpose Dam and Hydropower Project under a Public-Private Partnership (PPP) framework.
The Infrastructure Concession Regulatory Commission (ICRC) convened the inaugural meeting of the Presidential Project Development Committee (PDC) in Abuja on Thursday, following a directive from the Presidential Villa naming the ICRC as the committee’s chair.
The project, described as a “strategic national intervention,” is designed to address recurring flooding along the River Benue Basin while generating approximately 250MW of renewable hydropower. Beyond energy, the dam aims to optimize water resources and stimulate economic growth within Cross River State and surrounding regions.
Dr. Jobson Oseodion Ewalefoh, Director-General of the ICRC, emphasized during the meeting that the committee’s mandate is to guide the project from its current conceptual stage to a “bankable” status.
”This is not merely a hydropower initiative,” Dr. Ewalefoh stated. “It is a multipurpose infrastructure intervention designed to control flood, provide renewable energy, and ensure regional economic development.”
Key Objectives and Next Steps
The DG outlined a technical roadmap for the committee, which includes:
- Validating existing hydrological and feasibility studies.
- Determining the specific PPP structure and risk allocation.
- Initiating the appointment of a Transaction Adviser.
- Developing a formal project preparation roadmap.
High-Level Stakeholder Support
The meeting saw attendance from top government officials, including the Minister of Finance and Coordinating Minister of the Economy, representatives from the Ministry of Water Resources, and leadership from the Nigeria Sovereign Investment Authority (NSIA) and NNPC Ltd.
The Minister of Finance noted that under President Bola Ahmed Tinubu’s leadership, the project must be structured to attract “credible private sector participation” while remaining socially relevant and commercially viable. He remarked that the removal of previous economic distortions has cleared the path for such long-term, disciplined investments.
The Project Development Committee is comprised of members from the Federal Ministries of Finance, Water Resources, and Power, as well as the Cross River State Government, Ikom Power Limited, and the aforementioned agencies.
