Infrastructure Concession Regulatory Commission (ICRC) has attracted about $8 billion in investment inflows into the economy through public-private partnership (PPP) projects and initiatives.
The Director General of the commission, Chidi Izuwah, who made the disclosure in Lagos, said the country currently has a robust and world-class PPP disclosure platform that is transparent, reliable and credible.
He said 69 post-contract PPP projects are currently under implementation in the country by the ICRC through the project’s disclosure portal.
According to him, the ICRC project disclosure portal is the first-ever in the globe and was in partnership with the World Bank.
Speaking further, he said as at the end of 2019, there were 138 pre-contract projects at Development and Procurement phases at the ICRC website.
Izuwah listed the following as conditions for a successful PPP in Nigeria, which include, a stable policy and regulatory framework, sanctity of contracts, long term vision, strategy, and plan owned by the government, adequate PPP project development, equitable PPP contractual framework, the transparent selection process for projects, reliable revenue sources in the country, and managing the unexpected.
The ICRC acknowledged the fact that every sector in the Nigerian economy has experienced huge gaps in infrastructure, covering areas like transportation, energy, health, and education among others, adding that the present administration has been committed to grow and develop the country’s infrastructure decay by pumping trillions in infrastructural development.
He believed the viability of PPPs in Nigeria was apt as it can go a long way to address the infrastructure deficit in the country and unlock economic activities in the nation.