FG declares Ikom Dam strategic national project
…Moves to develop 250MW Ikom Hydropower Dam The Federal Government has designated the Ikom Multipurpose Dam and Hydropower Project as a strategic national intervention aimed at boosting renewable energy supply,
...Moves to develop 250MW Ikom Hydropower Dam
The Federal Government has designated the Ikom Multipurpose Dam and Hydropower Project as a strategic national intervention aimed at boosting renewable energy supply, controlling flooding, and supporting economic development in the country.
The decision was announced at the inaugural meeting of the Presidential Project Development Committee for the project, where government officials also set up two key bodies to drive the initiative forward.
The meeting led to the establishment of a Project Steering Committee and a Project Development Committee to guide the planning and implementation of the dam. The Infrastructure Concession Regulatory Commission (ICRC) was directed to chair the Project Development Committee.
Speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy said the Ikom dam must be structured in a way that ensures long-term sustainability and attracts credible investors from the private sector.
According to him, the government wants the project to be designed as “a sustainable, viable, socially relevant and commercially significant transaction” that will operate efficiently and deliver lasting value to Nigerians.
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The minister also said the country is undergoing important economic changes that are gradually strengthening the nation’s financial stability.
He said Nigeria, under the leadership of Bola Ahmed Tinubu, is positioning itself as a leading economy on the African continent.
He said, “Nigeria, under the able leadership of His Excellency, President Bola Ahmed Tinubu, has become a leading economy and example in Africa, as a beacon for others to follow. 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.”
A statement issued by the Infrastructure Concession Regulatory Commission said the inaugural meeting brought together representatives from several key government institutions involved in the project.
Those present included officials from the Federal Ministry of Water Resources, the Managing Director of the Nigeria Sovereign Investment Authority, representatives of the Nigerian National Petroleum Company Limited, officials from the Cross River State Government, and representatives of Ikom Power Limited.
Also speaking at the meeting, the Director-General and Chief Executive Officer of the Infrastructure Concession Regulatory Commission, Jobson Oseodion Ewalefoh, said the assignment given to the committee is significant because the project goes beyond electricity generation.
He said the Ikom dam should be seen as a strategic national asset that will serve several important purposes for the country.
“The project has been designated as a strategic national asset, not merely a hydropower initiative,” Ewalefoh said. “It is a multipurpose infrastructure intervention designed to control flooding, provide renewable energy, optimise water resources, and support regional economic development.”
He added that the committee’s role covers technical, regulatory, and strategic responsibilities, with the task of moving the project from concept stage to a bankable investment that will attract credible private sector partners while protecting public interest.
Ewalefoh explained that the next phase of work would include reviewing and validating existing feasibility and hydrological studies for the dam, clarifying the scope of the project, and identifying areas where improvements may be required.
He said the committee will also determine the most suitable public-private partnership model and establish the appropriate framework for risk sharing among stakeholders.
Other steps outlined include beginning the process of appointing a transaction adviser and developing a clear roadmap for preparing the project for investment.
Members of the Project Development Committee were drawn from several government institutions, including the Federal Ministries of Finance, Water Resources and Power, the Infrastructure Concession Regulatory Commission, the Nigeria Sovereign Investment Authority, the Nigerian National Petroleum Company Limited, the Cross River State Government, and Ikom Power Limited.
The Ikom Multipurpose Dam is planned as a major infrastructure project within the River Benue Basin and is expected to address recurring flooding in affected communities while also generating about 250 megawatts of renewable hydropower.
Officials said the project will help improve flood control, strengthen Nigeria’s energy supply, manage water resources more effectively, and stimulate economic activities in Cross River State and surrounding areas.
As a presidential initiative, the Federal Government has introduced a structured governance framework to ensure the project is developed in a transparent manner and in line with national public-private partnership standards.
Authorities say the approach is designed to ensure the dam is delivered responsibly while attracting credible investors who can support the long-term success of the project.
