New committee to drive dam project under PPP framework, aiming for 250MW power, flood control, and regional economic growth….
The Infrastructure Concession Regulatory Commission (ICRC) has been nominated by the presidency to chair the Project Development Committee (PDC) for the proposed Ikom multipurpose dam and hydropower project.
The commission announced in a statement signed by Ifeanyi Nwoko on Thursday that the inaugural meeting of the PDC has been convened, officially kickstarting the project’s development under a public-private partnership (PPP) framework.
Strategic National Asset
The committee’s creation follows resolutions from a high-level stakeholder meeting at the Presidential Villa, which classified the Ikom dam as a strategic national intervention. The meeting also approved a project steering committee, while assigning ICRC to chair the development committee.
The inaugural meeting included representatives from key federal ministries Finance, Water Resources, and Power alongside officials from the Nigeria Sovereign Investment Authority (NSIA), Nigerian National Petroleum Company Limited (NNPC), the Cross River State government, and Ikom Power Limited.
Multipurpose Design Beyond Power Generation
Speaking at the meeting, Jobson Ewalefoh emphasized that the dam project is not merely a hydropower initiative.
“The project has been designated as a strategic national asset. It is a multipurpose infrastructure intervention designed to control floods, provide renewable energy, optimise water resources, and support regional economic development,” Ewalefoh said.
He added that the committee’s mandate is to guide the project from concept to bankability, protect public interest, and attract credible private sector investors. Immediate priorities include:
- Reviewing existing feasibility and hydrological studies
- Clarifying the project scope
- Determining the most appropriate PPP structure
- Appointing a transaction adviser
Focus on Viability and Commercial Sustainability
Finance and Coordinating Minister, Wale Edun, said the dam must be developed as a sustainable, commercially viable, and socially relevant project to attract private investment.
“The project must be structured as a sustainable, viable, socially relevant, and commercially significant transaction that will attract credible private sector participation,” Edun said, linking the initiative to broader economic reforms under President Bola Ahmed Tinubu aimed at strengthening macroeconomic stability and restoring investor confidence.
Project Scope and Expected Benefits
The Ikom multipurpose dam is planned on the River Benue basin and is projected to generate approximately 250 megawatts of baseload hydropower. Beyond energy, the dam will support:
- Flood control and water resource management
- Regional economic development for Cross River State and neighboring areas
The federal government confirmed that the project will proceed under a structured PPP framework, ensuring transparency, fiscal responsibility, and adherence to national concession standards.
