WorldStage Newsonline– Sen. Bassey Otu of Cross River and his Ondo State counterpart, Hon. Lucky Aiyedatiwa have underscored the potential of Public-Private Partnerships(PPPs) in driving growth and addressing development challenges.
A statement by Ifeanyi Nwoko, Acting Head of Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC) on Saturday, said the governors said this at the 2025 Nigeria Public-Private Partnership Summit in Abuja.
Nwoko said that, according to the governors, PPPs offer a viable solution to bridging infrastructure gaps, enhancing service delivery, and stimulating economic growth, thereby improving the lives of citizens and fostering sustainable development.
He said the panel session titled “Leveraging PPPs for Infrastructure Delivery in Nigeria: Opportunities and Potentials” was moderated by Nnanna Anyim-Ude of the Nigerian Economic Summit Group (NESG).
In his intervention, Otu highlighted the vast potential of PPPs in addressing Nigeria’s infrastructure deficit.
According to him, PPPs can attract private sector investment, expertise, and efficiency to deliver critical infrastructure projects, drive economic growth, and improve the quality of life for Nigerians.
Speaking on the 3.5 billion dollars Bakassi Deep Seaport, Otu highlighted the need for the project, citing increasing port congestion and Nigeria’s aspiration to become a trans-shipment hub for sub-Saharan Africa.
“The development of the Bakassi Deep Seaport is imperative to increase port capacity in the country and ease the pressure on existing ports.
“Most of the subnationals we have today are doing their very best to key into different sectors, taking their complementary advantage into consideration,” he said.
On his part, Aiyedatiwa listed the immense benefits of PPPs to include infrastructure development, increased efficiency, job creation, economic growth and capacity building.
On the Ondo Seaport, the governor said the 1.3 billion dollar multipurpose project would transform the state’s economy, create thousands of jobs, and attract investments
He added that it would also serve as a catalyst for industrialisation and economic growth in the region.
Aiyedatiwa said this would increase the state’s revenue base and improve the standard of living for its citizens.
He said his administration recognised the potential of PPPs in driving growth and addressing development challenges, with a focus on enhancing public service delivery, and remained committed to fostering and expanding these collaborations.
“For us, we have moved past so many stages. We just need a few technical amendments between the ICRC and the Ministry of Marine and Blue Economy.
“As I am sitting here, I have letters of invitation to go visit two of our investors who are keenly ready to move in as soon as that area is amended.
“We are ready. I believe our own deep-sea port is a unique one. The modern vessels require a depth of about 16.5 metres; we have a natural 18 metres already without being dredged.
“But the beauty of it is that we still need more ports in Nigeria. In fact, every state even needs more than one port just like we have in Lagos with Apapa, Tin Can, Lekki Deep Sea Ports, yet we are having congestion.
“It is not just about vessels bringing in products only. We have a lot of products that we are to ship out of Nigeria. Do not forget that Ondo is a leading cocoa-producing state in Nigeria,” he noted.
Nwoko said in another panel session titled, “Innovative Financing in Delivering Successful PPPs”, moderated by Dimeji Salaudeen of KPMG, experts shared insights on risk management and funding options.
He said the session also shared ideas on best practices to attract investments and deliver impactful infrastructure projects in Nigeria.
Tony Edeh, Group CEO, Norrenberger Assets Management Limited, pointed out that there were alternative liquidity and capital accessibility for financing infrastructure.
“As private sector players, our role is to innovate instruments that fit Nigerians’ lifestyle and unlock that liquidity, he said.
Also, Alexandre Leigh, Global Sector Lead Airports, Transaction Advisory Services, International Finance Corporation (IFC), argued that the challenge did not lie in securing funding, but in finding projects that were properly planned and prepared for investment.
“One frustrating part of my job is getting calls from investors and developers looking for projects to invest in.
“ In my view, there is no lack of financing, but rather a lack of well-prepared projects,” he stated.
Nwoko said the PPP Summit was convened by Dr Jobson Ewalefoh, Director-General of ICRC, with President Bola Tinubu as chief host.
The conference, with the theme “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda,” brought together policymakers, investors, and industry leaders within and outside the country.
He said it was part of a broader effort by the Tinubu administration to address Nigeria’s 2.3 trillion dollar infrastructure deficit by utilising private capital and expertise for inclusive and sustainable development across all sectors.
