Stakeholders have unveiled the newly incorporated Special Purpose Vehicle, Cross River State (CRS) Water Concession SPV Limited, to implement the $42 million public-private partnership (PPP) agreement for the rehabilitation, upgrade, and management of public water infrastructure across Cross River State.

The development followed the signing of the PPP agreement between the state government and Agua Global Services Limited.

The unveiling of the SPV was accompanied by the signing of additional partnership agreements with two other firms that will provide critical technology and metering components for the project.

Under the terms of the new agreements, Bendoriks International Limited secured a $7.5 million contract to supply ultrasonic prepaid water metres, while Origins Solutions Nigeria Limited will provide Internet of Things (IoT) services valued at $1.9 million.

The project will commence with the deployment of an initial 100,000 water metres as part of the first phase of efforts to modernise the state’s water distribution system.

The project aims to revive the state’s moribund water infrastructure and restore sustainable access to potable water for residents across the state.

The intervention targets long-standing issues of system decay, non-functioning distribution networks, and poor revenue collection that have hindered water utility delivery in the state.

Speaking after the signing ceremony, the Managing Director of Agua Global Services Limited, Lucky Igberaese, said the project is expected to set a new benchmark for water management in Nigeria upon completion.

He stated that the company had already completed all necessary plans to ensure the initiative’s successful execution.

Igberaese also disclosed that arrangements were being made to accommodate other states that have expressed interest in adopting similar water management solutions.

He said the innovation being deployed represents the direction water utility provision must take if services are to remain sustainable in Nigeria.