The Cross River State Government has signed a $42 million Public-Private Partnership (PPP) agreement with Agua Global Services Limited to revive the state’s moribund water infrastructure and restore sustainable access to potable water across the state.

The PPP transaction was structured by Core Trust and Investment Limited, a Lagos-based investment bank, drawing from their international partnership with Bridgetop Capital Partners, led by its Corporate Attorney and Founding Partner, Mr Vincent Nyeko.

The project represents a decisive step towards addressing more than a decade of water scarcity challenges in the state.

The initiative has already attracted significant interest from local and international debt and equity investors towards raising the required $42 million project funding.

It would be recalled that Core Trust and Investment Limited secured a mandate from the Cross River State Government to procure a private investor to upgrade and revitalise Cross River State Water Board Limited, a company wholly owned by the state.

Leveraging its expertise and experience, Core Trust successfully prequalified Agua Global Services Limited, along with other firms, through a competitive bidding process and submitted its report to the state government.

The state subsequently subjected all shortlisted firms to further due process overseen by the Cross River State Bureau of Public Partnerships.

The agreement, which brought together the Cross River State Water Board and a consortium of technical and financial partners, is expected to drive the rehabilitation of existing water facilities, replacement of dilapidated pipelines, improvement of water quality systems, and expansion of supply networks under a long-term implementation framework spanning 25 years.

Speaking during the formal signing ceremony, the Managing Director of the Cross River State Water Board, Godwin Nyiam, described the event as a historic turning point in the state’s water sector, noting that it marked the conclusion of a prolonged reform and negotiation process.

According to him, the project represents a decisive step towards addressing more than a decade of water scarcity challenges in the state.