The Infrastructure Concession Regulatory Commission (ICRC) has said that out of the 103 projects it initiated, 94 approvals worth almost N9 trillion (about USD19.5 billion) were granted in the last 8 years under the past administration of President Muhammadu Buhari.
It pointed out that from the inception of ICRC in 2010 to date, following its regulatory guidance in line with extant rules and subsequent issuance of Full Business Case (FBC) compliance certificates, a total of 103 Public Private Partnership (PPP) projects have been approved by the Federal Executive Council (FEC), and the projects will bring in private capital investment of almost N11 trillion (approximately USD24 billion).
This was disclosed on Monday by the Director General of the ICRC, J. A. Michael Ohiani in a congratulatory message sent to President Bola Ahmed Tinubu, and Alhaji Kashim Shettima, on their inauguration as President and Vice President of the Federal Republic of Nigeria.
Mr Ohiani said, “It is now evident that in view of the need to upscale the national infrastructure stock and bridge the wide gap in the midst of dwindling government revenue, Public-Private Partnerships (PPP) have become the globally tested and accepted way to go.
“In line with the ICRC Act, 2005; the Commission published in 2022 a list of 53 eligible PPP projects worth USD 23 billion in the pipelines of projects, sequel to their certification as both viable and bankable to be undertaken using PPPs.
“In addition, the Commission has issued Outline Business Case (OBC) compliance certificates for 174 projects to proceed for procurement. Many of these projects are at different stages of procurement.
“These projects cut across various sectors including but not limited to transportation, health, education, aviation, agriculture, water”.
Mr Ohiani explained that some of the notable projects approved in the last 8 years include the development of Hydroelectric power from existing Small and Medium dams across the Country at Bakolori Dam (Zamfara State), Ikere Gorge Dam (Oyo State), Omi – Kampe Dam (Kogi state) and Zobe Dam and Jibiya Dams (Katsina State). These are valued at over N1.5 billion.
Others include the Operation and Management Concession of the 700 MW Zungeru Hydroelectric Power Plant at N552 billion; the 360 MW Gurara 2 Multipurpose Dam Project at N516.6 billion; the 40 MW Kashimbila HydroPower Dam at (HPP) Project at N7.68 billion.
In the Health sector, he stated that the Warehouse-in-a-box projects were approved for Abuja and Lagos among others, while in the Agriculture sector, FEC approved the Concession and Leasing of 19 Grain Storage Facilities at N15.1 billion.
In the Transportation sector, Mr Ohiani said the following were approved: “the Abuja-Baro-Itakpe-AjaokutaWarri Railway Line (269.12km) with branch and extension lines to Jakura-Lokoja (41km) and Agbarho-Warri (5km) at NGN 3.2 Billion; Design, Development, Deployment and Management of a Secure Automated Fare Collection (AFC) Solution for the Nigerian Railway Corporation (NRC) Rail Network at NGN900 Million; Development of Port Harcourt Railway Industrial Park, Rivers State equipped with rolling stock assembly, Oil and Gas materials supply Industrial Park, Textile Industrial Park as well as Light Industry Park for Fast Moving Commodities and Goods at NGN133 Billion; Development of Bonny Deep Sea Port at NGN253 Billion; Ibom Deep Sea Port Project in Akwa Ibom State.
NGN 927.5 Billion; Onitsha River Port project at NGN 3.9Billion; The Development of Deep-Sea Port in Badagry, Lagos at NGN1.28 Trillion; The Construction and Maintenance of 12 corridors under a highway development and management initiative (HDMI) as follows: Route 1: Benin- Asaba 125 km road, Route 2: Abuja – Lokoja 195km road, Route 4: Onitsha – Owerri – Aba 161.2 km road, Route 5: Shagamu – Benin 258km road, Route 6: Abuja-Keffi-Akwanga 175.9km road, Route 7A: Kano – Shuari 100km road, Route 9: Enugu – Port Harcourt 200km road, Route 11: Lagos – Ota – Abeokuta 80km road and Route 12: Lagos – Badagry – Seme Border 79km road. All the routes will be constructed at a total cost of NGN1.57 Trillion). Total – 1,374km road. Concession Period: 25 – 27 years”.
According to him, in the Aviation sector, the Development of a Maintenance, Repairs and Overhaul (MRO) Facility at N690 million; Abuja and Kano International Airport Terminal N47.6 billion were also approved.
The above, he further explained, demonstrates the effectiveness of PPPs in contributing private sector investment to infrastructure development, thereby complementing the government’s efforts in bridging the gap.
“We are convinced that under your administration, PPPs will be deployed more to enable the country to improve our infrastructure situation, with many more projects coming on stream. The Commission is committed to playing its role in the necessary pre and post-contract regulatory guidance at the federal level, as well as work with the sub-national bodies to lift our country’s infrastructure to globally accepted levels”, the DG stated.
Mr Ohiani averred that President Tinubu’s victory at the polls demonstrates his determination to take Nigeria to greater heights, which is a victory for democracy, Nigeria and for the continuation of infrastructure development in Nigeria.
He said “Mr President, going by your antecedents as Governor of Lagos State, we recall how you revolutionised the infrastructure stock in the state; conceptualised the Lekki Free Trade Zone which now showcases the Lekki Deep Sea Port, the Dangote Refinery and many other world-class infrastructure facilities. We are confident that the infrastructure development fortunes of Nigeria will be further transformed in your administration”.
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