Amid Energy Crises: Federal Government Moves to Develop 250MW Ikom Multipurpose Dam
The federal government has inaugurated a project development committee to drive the proposed 250-megawatt Ikom multipurpose dam and hydropower project, to be implemented under a public-private partnership (PPP) framework.
In a statement made available to journalists, the Infrastructure Concession Regulatory Commission (ICRC) said the presidency has mandated the commission to chair the presidential project development committee for the initiative.
According to the statement signed by Ifeanyi Nwoko, the commission’s acting head of media and publicity, the committee held its inaugural meeting, marking the formal start of the project’s development phase.
The committee was constituted following resolutions reached during a high-level stakeholder meeting at the Aso Rock Presidential Villa in Abuja, where the dam project was classified as a strategic national intervention.
The meeting also approved the establishment of a project steering committee alongside the project development committee, with the ICRC assigned to lead the latter.
Representatives from several government institutions and stakeholders attended the inaugural meeting, including officials from the federal ministries of finance, water resources and power. Also present were representatives of the Nigeria Sovereign Investment Authority (NSIA), Nigerian National Petroleum Company Limited (NNPC), the Cross River State government, and Ikom Power Limited.
Speaking at the meeting, Jobson Ewalefoh, director-general of the ICRC, said the initiative is more than a power generation project.
He explained that the dam is intended to deliver multiple economic and environmental benefits, including flood control, renewable energy generation, improved water resource management, and regional economic development.
“The project has been designated as a strategic national asset and not merely a hydropower initiative. It is a multipurpose infrastructure intervention designed to control floods, provide renewable energy, optimise water resource availability, and support regional economic development,” Ewalefoh said.
He added that the committee is tasked with guiding the project from the concept stage to financial viability while safeguarding public interest and attracting credible private sector investors.
Immediate priorities for the committee include reviewing existing feasibility and hydrological studies, defining the project scope, determining the most suitable PPP structure, and appointing a transaction adviser.
Focus on viability and private sector participation
Also speaking at the meeting, Wale Edun, minister of finance and coordinating minister of the economy, stressed the need to structure the project in a way that attracts private sector investment while delivering social value.
He said the dam must be developed as a sustainable and commercially viable infrastructure project capable of operating efficiently over the long term.
“The project must be structured as a sustainable, viable, socially relevant and commercially significant transaction that will attract credible private sector participation,” Edun said.
The minister added that ongoing economic reforms under Bola Tinubu are designed to strengthen macroeconomic stability and rebuild investor confidence in Nigeria.
The proposed Ikom multipurpose dam, expected to be developed within the River Benue basin, is projected to generate about 250 megawatts of baseload hydropower. The project is also intended to help address recurring flooding while improving water resource management and stimulating economic growth in Cross River and surrounding areas.
According to the ICRC, the dam will be delivered through a structured PPP framework to ensure transparency, fiscal responsibility, and compliance with national concession standards.