The Federal Government has inaugurated a project development committee to drive the proposed 250-megawatt Ikom multipurpose dam and hydropower project under a public-private partnership (PPP) framework.
Gatekeepers News reports that in a statement issued on Thursday, the Infrastructure Concession Regulatory Commission (ICRC) said it had convened the inaugural meeting of the presidential project development committee for the initiative.
The statement, signed by Ifeanyi Nwoko, noted that the meeting marked the formal commencement of the project’s development process.
According to the commission, the committee was constituted following resolutions reached at a high-level stakeholder meeting at the Presidential Villa, where the project was designated a strategic national intervention.
The meeting also approved the creation of both a project steering committee and a project development committee, with the ICRC mandated to chair the latter.
Participants at the inaugural meeting included representatives from the federal ministries of finance, water resources and power, alongside officials of the Nigeria Sovereign Investment Authority, Nigerian National Petroleum Company Limited, the Cross River State Government and Ikom Power Limited.
Speaking at the meeting, Jobson Ewalefoh said the project is designed to deliver broader economic and environmental benefits beyond electricity generation.
“The project has 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, optimise water resource availability and support regional economic development,” he said.
Ewalefoh explained that the committee is tasked with guiding the project from the concept stage to bankability while ensuring public interest is protected and credible private investors are attracted.
He added that immediate priorities include reviewing existing feasibility and hydrological studies, defining the project scope, determining the most suitable PPP structure and appointing a transaction adviser.
‘Project Must Be Commercially Viable’
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stressed the importance of structuring the project to attract private sector participation.
“The project must be structured as a sustainable, viable, socially relevant and commercially significant transaction that will attract credible private sector participation,” Edun said.
He added that ongoing economic reforms under President Bola Ahmed Tinubu are aimed at strengthening macroeconomic stability and restoring investor confidence.
According to the ICRC, the proposed Ikom multipurpose dam will be developed within the River Benue Basin as a strategic infrastructure project to address recurring flooding while boosting renewable energy generation.
The dam is expected to generate about 250 megawatts of baseload hydropower while also supporting water resource management and regional economic development in Cross River State and neighbouring areas.
The Federal Government said the project would be implemented through a structured PPP framework to ensure transparency, fiscal responsibility and compliance with national concession standards.
