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 moribund water infrastructure and restore sustainable access to potable water across the state.
The PPP transaction was structured by Core Trust and Investment Limited, a Lagos-based investment bank, drawing from their international partnership with Bridgetop Capital Partners in Washington D.C, USA, led by Vincent Nyeko, corporate attorney and founding partner.
Godwin Nyiam, the managing director of the Cross River State Water Board, speaking during the formal signing ceremony, described the event as a historic turning point in the state’s water sector, noting that it marked the conclusion of a prolonged reform and negotiation process.
“The project represents a decisive step toward addressing more than a decade of water scarcity challenges in the state,” he said.
Besides, Nyiam disclosed that the project involves a $42 million capitalisation plan, expressed optimism that the initiative would mark the beginning of the end of prolonged water shortages affecting residents.
