The Federal Government has appointed the Infrastructure Concession Regulatory Commission (ICRC) as the chair of the Presidential Project Development Committee (PDC) for the Ikom Multipurpose Dam and Hydropower Project.

A statement by the Acting Head, Media and Publicity of the ICRC, Ifeanyi Nwoko, said the inaugural meeting marked the commencement of the structured development of the project under a Public-Private Partnership (PPP) framework.

The Committee was established pursuant to resolutions adopted at a high-level stakeholder meeting held at the Presidential Villa, at which the Ikom Multipurpose Dam was designated as a strategic national intervention.

The inaugural meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, representatives from the Ministry of Water Resources, Managing Director of the NSIA, representatives of the NNPC, Cross River State Government and Ikom Power.

Speaking at the meeting, the Director-General of the ICRC, Dr Jobson Oseodion Ewalefoh, underscored the significance of the assignment and the expectations attached to the Committee’s work.

He reemphasised that the projects have been designated as a strategic national asset, and not merely a hydropower initiative.

He stressed that it is a multipurpose infrastructure intervention designed to control floods, provide renewable energy, optimise water resource availability and ensure regional economic development.”

Ewalefoh emphasised that the Committee’s responsibility is technical, regulatory and strategic, with a clear obligation to guide the project from concept to bankability in a manner that protects public interest while attracting credible private sector participation.

The DG outlined immediate next steps, including review and validation of existing feasibility and hydrological studies, clarification of project scope and Optimisation considerations, determination of the appropriate PPP structure and risk allocation framework, commencement of the process for appointing a Transaction Adviser, and development of a clear project preparation roadmap.

On his part, the Minister of Finance stated that the Ikom project must be structured as a sustainable, viable, socially relevant and commercially significant transaction” that will attract credible private sector participation and operate efficiently over the long term.

He added that Nigeria, under the able leadership of President Bola Tinubu, has become a leading economy and example in Africa, as a beacon for others to follow, explaining that the major distortions that once threatened our financial stability have been removed, and we are building a society anchored on discipline, reform and long-term value creation.

Members of the Project Development Committee are drawn from the Federal Ministries of Finance, Water Resources and Power, Cross River Government, ICRC, NNPC, NSIA, and Ikom Power Limited.

The Ikom Multipurpose Dam is designed as a strategic intervention on the River Benue Basin to address recurring flooding while delivering approximately 250MW of renewable baseload hydropower.

The project is expected to enhance flood resilience, strengthen energy security, optimise water resources and stimulate regional economic growth in Cross River State and adjoining regions.

As a Presidential initiative, the Federal Government has activated a structured governance framework to ensure the project is developed transparently, responsibly and in full compliance with national PPP standards.