The Federal Government on Tuesday said it was keen on promoting private participation in the management of some national assets to unlock their immense potential value.
Speaking at an investors forum, the Minister of Industry, Trade and Investment, Chief Niyi Adebayo who spoke for the Tafawa Balewa Square (TBS), Lagos, International Trade Fair Complex (LITFC), Calabar and Kano Free Trade Zones, said this informed the Federal Government decision to carry out general reforms by way of concession for both the TBS and LITFC.
He said the government has established a significant number of incentives to encourage investors and was working aggressively to create an enabling environment for business to thrive.
“We are dedicated to developing these enterprises as we view them as a critical avenue towards achieving our industrialisation objectives as specified in the National Industrial Revolution Plan (NIPR). We expect such areas to contribute significantly in terms of employment opportunities, foreign direct investment (FDI), manufacturing and export output.”
The Minister who delivered his speech virtually, in a statement by his Special Assistant on Media, Ifedayo Sayo, noted that Nigeria as the largest market and economy in Africa, provides a wide range of investment opportunities adding that the priority of the government was to expand local production, and significantly improve after-care services for strategic investors.
He reminded on the need to study the recently released government circular on the administration of Public-Private-Partnership (PPP) projects in the country, saying the circular re-emphasises that the Bureau of Public Enterprises shall be responsible for the concession of public enterprises and infrastructure already listed in the First and Second Schedules of the Public Enterprises, as well as act on behalf of the Federal Government as the counterparty on all infrastructure projects being developed on a PPP basis.
Adebayo added that the Infrastructure Concession Regulatory Commission (ICRC) would continue to act as the regulatory agency for PPP transactions with powers to inspect, supervise and monitor the projects and processes in order to ensure compliance with relevant laws, policies and regulations.
“It is expected that this policy pronouncement would clear any ambiguity to stakeholders, as well as intending investors and foster the improvement of PPP programmes in the country. The private sector as well as the multilateral agencies and our development partners are urged to support the PPP policy objectives and institutional arrangements already put up by the Government.
“We are ever willing to dialogue and incorporate suggestions from stakeholders with a view to further strengthening Nigeria’s PPP framework. It is therefore vital for prospective investors and other stakeholders to use the platform provided by today’s event to put across their views and concerns to enable the Federal Government and the Transaction Advisers address such concerns in the final transaction documents.
“We are optimistic that the proposed concession transactions will cause a major revitalisation of the LITFC and TBS; and serve as a catalyst for transforming them into world class facilities and bring about great returns on investment for the eventual investors,” he stated.
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