PPP Summit: C'River, Ondo govs push for multi-billion dollar seaport projects

The 2025 Nigeria Public-Private Partnership (PPP) Summit opened in Abuja with a strong call by state governors and global finance leaders for more innovative collaboration between government and private investors to unlock Nigeria’s massive economic potential.

Speaking during the opening session of the two-day conference, Governors Bassey Otu of Cross River State and Lucky Aiyedatiwa of Ondo State argued that well-structured PPPs remain Nigeria’s best bet to close its vast infrastructure deficit, estimated at $2.3 trillion.

Governor Otu spotlighted the planned $3.5 billion Bakassi Deep Seaport as a crucial project for regional economic development and national trade efficiency.

"The development of the Bakassi Deep Seaport is imperative to increase port capacity in the country and ease pressure on existing ports.

“PPPs can attract private sector investment, expertise, and efficiency to deliver critical infrastructure projects,” Otu said.

Otu added that states must leverage their unique strengths to attract meaningful investments, noting that port congestion in Lagos underscored the urgency for alternative maritime gateways.

His Ondo counterpart, Governor Aiyedatiwa, echoed the sentiment, presenting the $1.3 billion Ondo Seaport as a potential game-changer for the Southwest.

“Our deep seaport will transform the state's economy, create thousands of jobs, and attract long-term investments. We already have a natural 18-metre depth, no need for initial dredging. We’re ready,” Aiyedatiwa noted.

Aiyedatiwa emphasised that public-private collaboration had moved past theory in Ondo State, saying: “As I sit here, I have letters of invitation from two investors ready to move in. We only need a few technical amendments with ICRC and the Ministry of Marine and Blue Economy.”

But beyond the politics of big infrastructure, private sector experts at the summit stressed that funding wasn’t the core bottleneck—project readiness was.

“There’s no lack of financing. The frustrating part of my job is getting calls from investors looking for well-prepared projects—and not finding them,” said Alexandre Leigh, Global Sector Lead for Airports at the International Finance Corporation (IFC).

Backing this, Tony Edeh, Group CEO of Norrenberger Assets Management, emphasised the need for financial innovation to unlock alternative capital for infrastructure delivery.

“Our role as private sector players is to design instruments that fit Nigerian realities and unlock that liquidity,” Edeh said.

Themed ‘Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda’, the summit drew about 1,500 stakeholders, including global investors, development agencies, and 15 partner organizations.

Hosted by the Infrastructure Concession Regulatory Commission (ICRC) under its Director General, Dr. Jobson Ewalefoh, the event featured five sessions and 42 speakers.

Experts across various sessions—from legal structuring to innovative financing—called for a stronger policy framework, improved regulatory clarity, and support for project preparation to boost private sector confidence in Nigeria’s infrastructure space.

With states like Cross River and Ondo making bold investments in seaport infrastructure, the summit underscored a growing shift toward subnational leadership in addressing Nigeria’s infrastructure crisis through private capital.