FEC Approves $4.29bn Projects for Bakassi and Ondo Seaports in Nigeria

The Federal Executive Council (FEC) has approved the construction of Bakassi and Ondo deep seaports, as well as a 460MW Katsina-Ala hydropower plant, as part of a $4.29 billion Public-Private Partnership (PPP) project. This initiative aims to expand Nigeria's infrastructure and enhance private sector involvement.

The projects, overseen by the Infrastructure Concession Regulatory Commission (ICRC), are expected to create jobs, improve competitiveness, and attract more foreign direct investment. The Bakassi and Ondo seaports will serve as gateways to different regions, while the hydropower plant will boost industrial activities in the North Central region.

These developments are crucial for addressing critical infrastructure gaps and strengthening trade routes in Nigeria.