The Infrastructure Concession Regulatory Commission (ICRC) on Thursday convened the inaugural meeting of the Presidential Project Development Committee for the Ikom Multipurpose Dam and Hydropower Project, marking the formal commencement of the project under a Public-Private Partnership (PPP) framework.
The committee was established following resolutions reached at a high-level stakeholder meeting at the Aso Rock Presidential Villa, where the Ikom Dam project was designated a strategic national intervention.
In a statement, the Acting Head of Media and Publicity at ICRC, Ifeanyi Nwoko, said both a Project Steering Committee and a Project Development Committee were created, with ICRC mandated to chair the latter.
The inaugural meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, representatives of the Federal Ministries of Water Resources and Power, the Nigeria Sovereign Investment Authority, the Nigerian National Petroleum Company Limited, the Cross River State Government, and Ikom Power Limited.
Speaking at the meeting, ICRC Director-General, Jobson Oseodion Ewalefoh, described the project as a strategic infrastructure initiative designed to control flooding, provide renewable energy, optimise water resource management, and promote regional economic development.
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He said the committee would oversee technical, regulatory, and strategic processes to move the project from concept to bankability while ensuring public interest and credible private sector participation.
Next steps include reviewing and validating existing feasibility and hydrological studies, clarifying project scope, determining the appropriate PPP structure and risk allocation framework, and appointing a transaction adviser.
Edun said the project must be structured as a sustainable and commercially viable transaction capable of attracting long-term private sector investment and aligns with the Federal Government’s broader infrastructure agenda under President Bola Ahmed Tinubu.
The Ikom Multipurpose Dam is expected to deliver about 250 megawatts of renewable baseload hydropower, address recurring flooding in parts of the Benue River Basin, strengthen energy security, improve water resource management, and stimulate economic growth in Cross River State and neighbouring regions.