From Juliana Taiwo-Obalonye, Abuja
The Infrastructure Concession Regulatory Commission (ICRC), has so far attracted N3.7 trillion private capital for its on going 51 projects located in different parts of the country, the Vice President Yemi Osinbajo has said.
This is even as he noted that Private Partnership, (PPP) was key to addressing the country’s infrastructural deficit.
Osinbajo disclosed this at the official launch of the World Bank and ICRC Public Private Partnership, (PPP) Web Portal, yesterday, which is a dedicated portal for the disclosure of all the PPP contracts information in the country.
The portal is a collaboration between the ICRC and the World Bank, which, Osinbajo said, would accelerate infrastructural development.
The ICRC Act 2005 is the key legislation relevant to PPPs at the federal level. The Act alongside other supporting legislation provides the legal capacity to government bodies to enter into PPP contracts.
The Vice President, represented by the Minister of State Power and Housing, Suleiman Hassan, said: “Under the World Bank Project disclosure initiative, Nigeria would be the first country in the world to launch PPP website disclosure portal. This would allow the public easier access to key information on government business in line with transparency and accountability thrust of the Buhari administration.”
The Vice President, explaining how PPP will address the country’s massive infrastructural deficit, said, “the private sector would play a critical role in providing the basic infrastructure under the PPP arrangement, partnering closely with the government. Leveraging private capital to ensure efficient delivery of infrastructure via PPP.
“If Nigeria must experience the best economic boost and play in global economic league, the government must create a needed framework that drives PPP venture and the government is determined to do that,” Osinbajo assured.
In his remarks earlier, Senior Director, Infrastructure, PPPs and Guarantees, World Bank Group, Laurence Carter, said the initiative would ensure clarity in institutional roles and responsibilities between the government and the private sector, while also increasing the bankable appeal of various projects on targets.
According to him, the portal would ensure transparency and accountability in Bureau for Public Procurement (BPP) projects, while removing all speculation, and ensuring that private sector responds to the financing gaps.
The Director General, ICRC l, Chidi Izuwa, assured that the commission is determined to ensure it explores all key avenues in addressing infrastructural deficit concerns in Nigeria, which would open the door for economic prosperity.
“This initiative would disclose key information on the portal and every Nigerian could ask questions as a contract administrator in the projects and could hold government accountable in line with World Bank’s and global practices.
“There are standard templates in the portal, which would be closely monitored by Nigerians. The portal would disclose the key information so that every body could follow from procurement, development and implementations of each step of every projects.”
“What we actually needs is to attract bankable projects with the right kind of capital that we need,” he said.
One of successful concession institution is the Garki Hospital, which the Group Medical Adviser, Garki Hosptal, Ibrahim Wada wished the PPP portal was available at the time the hospital was concessioned.
According to him, “the disclosure web portal would ensure issues of speculation are thoroughly addressed while ensuring that Private sector could track projects in a transparent and open manner.”