The Cross River State Government has signed a $42 million Public-Private Partnership (PPP) agreement with Agua Global Services Limited to revive the state’s struggling water infrastructure and improve access to potable water for residents.
According to a report by The Guardian Nigeria, the deal is aimed at restoring sustainable water supply across the state after more than a decade of water scarcity challenges.
The PPP transaction was structured by Core Trust and Investment Limited, a Lagos-based investment bank, working through its international partnership with Bridgetop Capital Partners. The project has already attracted interest from local and international debt and equity investors expected to provide the required funding.
Core Trust had previously secured a mandate from the Cross River State Government to source a private investor to rehabilitate Cross River State Water Board Limited, a state-owned company responsible for water services.
Following a competitive bidding process, Agua Global Services Limited emerged among the prequalified firms and was subsequently selected after undergoing additional due process supervised by the Cross River State Bureau of Public Partnerships.
Under the agreement, the Cross River State Water Board and a consortium of technical and financial partners will undertake the rehabilitation of existing water facilities, replacement of ageing pipelines, enhancement of water treatment systems, and expansion of supply networks.
The project is expected to be implemented over a 25-year period, providing a long-term framework for improving water access across the state.
Speaking during the signing ceremony, Managing Director of the Cross River State Water Board, Godwin Nyiam, described the agreement as a landmark moment for the state’s water sector. He said the deal marked the culmination of years of reform efforts and negotiations aimed at addressing persistent water supply problems.
The initiative is expected to strengthen water infrastructure, improve service delivery and support sustainable access to clean water for communities across Cross River State.
