The Infrastructure Concession Regulatory Commission (ICRC) has welcomed the signing of the concession agreement for Akanu Ibiam International Airport, describing it as a landmark step in the Federal Government’s efforts to leverage Public-Private Partnerships (PPPs) for modernising key national infrastructure and stimulating the South Eastern economy.
The PPP deal, executed by the Ministry of Aviation and Aerospace Development and the Federal Airports Authority of Nigeria (FAAN) on behalf of the Federal Government, demonstrates the growing role of PPPs as a core strategy for infrastructure delivery under President Bola Ahmed Tinubu’s administration.
The transaction followed strict regulatory oversight by ICRC, including certification of the business case, due diligence, Federal Executive Council approval, and legal vetting by the Ministry of Justice, in line with the ICRC Establishment Act.
Dr. Jobson Oseodion Ewalefoh, Director General of ICRC, said the signing signals Nigeria’s commitment to deepening private sector participation in infrastructure. He described the deal as the project’s commercial close, paving the way for full implementation in subsequent phases.
“This concession will strengthen the airport’s role as a critical gateway for the South East, enhancing connectivity and supporting tourism, trade, and broader economic growth across the region,” Ewalefoh said.
He noted that the concession reflects the Federal Government’s resolve to mobilise private capital, improve service delivery, and reposition strategic national assets for long-term sustainability according to global best practices.
Ewalefoh also highlighted ICRC’s role in providing regulatory guidance and transaction assurance, ensuring value for money and boosting investor confidence. He praised the proactive leadership of Enugu State Governor, Dr. Peter Ndubuisi Mbah, for positioning the state as an attractive economic destination, and called on other states to emulate the example of Enugu, Lagos, Ondo, and Cross River in leveraging PPPs to drive investment and inclusive economic growth.
The ICRC chief commended Aviation Minister Festus Keyamo, SAN, FAAN, and all transaction partners for reaching commercial close, reiterating the Commission’s commitment to supporting Ministries, Departments, and Agencies in project implementation under President Tinubu’s Renewed Hope Agenda.
The concession is expected to unlock investment, accelerate infrastructure delivery, and provide a long-term boost to the South East economy.
