The Infrastructure Concession Regulatory Commission (ICRC) has concluded plans to gazette a pipeline of 53 eligible and bankable Public-Private Partnership (PPP) projects, worth about $22 billion before the end of this year.
Already, there are 77 post-contract PPP projects under implementation at the ICRC Projects Disclosure Portal, and as of May 2022, there were 197 pre-contract projects at different phases of project development and procurement.
This was disclosed by Barrister Mike Ohiani, Acting Director-General of the Infrastructure Concession Regulatory Commission at the opening ceremony of the Africa Public-Private Partnership Network (AP3N) Summit, held in Abuja on Monday.
He said: “For 2022, ICRC intends to gazette a pipeline of 53 eligible and bankable PPP projects, worth about USD 22 Billion, very soon.
“As of May 2022, there are 77 post-contract PPP projects under implementation at the ICRC Projects Disclosure Portal (www.ppp.icrc.gov.ng or www.icrc.gov.ng). The portal is the first disclosure portal in the world, established in collaboration with the World Bank. As of May 2022, there are 197 pre-contract projects at different phases of project Development and Procurement”.
According to Barrister Ohiani, the ICRC in 2021 published a pipeline of 51 eligible and bankable PPP projects, worth over $17 billion, with the list containing the projects from different economic sectors which have been granted the Outline Business Case Compliance Certificates, but which did not have identified bidders.
Also, he pointed out that the Federal Government, between 2010 and 2021 approved PPP projects worth more than $9 billion under the regulatory guidance of the ICRC following the inauguration of the Governing Board.
ALSO READ FROM NIGERIAN TRIBUNE
- I’m Not A Herbalist, I Am A Christian And I Go To Church —Adewale Alebiosu
- More Presidential, Vice Presidential Candidates Claim Missing Certificates
The ICRC, he noted, has issued 128 Outline Business Case Compliance Certificates to date for certified bankable projects, to enable them to proceed to the Procurement phase, just as it also issued 50 Full Business Case Compliance Certificates to date for projects to be submitted to our Federal Executive Council preparatory to their Commercial and Financial Closures.
The summit on infrastructure financing organised by the Infrastructure Concession Regulatory Commission (ICRC) in collaboration with the Africa Public-Private Partnership Network (AP3N), aims at pulling a network of PPP experts across the African continent to find concrete solutions to bridge the infrastructure gap in the continent by bringing together PPP Units, professionals and experts across the continent to design, develop, and implement infrastructure projects in tune with global best practices for infrastructure and service delivery.
Barrister Ohiani reiterated that the theme of the Summit – “Financing Africa’s Infrastructure through PPP”, is not only apt but very timely, in view of the critical role played by PPPs in the transformation of global economies, and the need to galvanize available resources in the private sector to grow and develop the African economy.
He noted that there is the growing need to salvage projects in the country, which are under implementation on one hand while developing bankable and viable PPP projects for investment on the other hand.
“The innovative structuring of PPP transactions through globally accepted competitive and transparent processes cannot be over-emphasized; especially as the initiative is in support of our 2021 to 2025 Mid-Term National Development Plan, which projects the use of private sector financing to achieve about 85% of our NGN 348.1 Trillion (about USD 830 Billion) Plan”, Barrister Ohiani stressed.
In his opening remarks, Boss Mustapha, Secretary to the Government of the Federation said the current economic growth pattern on the continent stresses the importance of private sector investment through PPP in promoting Africa’s growth and structural transformation.
“Hence, identifying the private sector development as an engine of sustainable structural transformation through PPPs is of critical importance to the continent.
“Indeed, to release the potential of Africa, there is the need to develop and imbibe a resilient and vibrant PPP framework as a means of facilitating rapid infrastructure transformation of the continent”, he added.
He stressed that the continent requires energy, transportation, and new satellite cities to accommodate millions of people moving from rural to urban areas, and all sectors of the African economy are yearning for massive investment to fast-track infrastructure development and structural transformation that will impact the citizenry.
Mr Mustapha said the Federal Government has encouraged and supported the strengthening of the framework for Public-Private Partnership (PPP) policy, given the constraints on the public budget for financing the ever-growing infrastructure needs and in keeping with the practice in other nations with similar situations.
“Furthermore, the current financial situation of Nigeria occasioned by the global COVID-19 pandemic and dwindling revenue have made this shift to PPPs more compelling than ever before.
“However, the government will continue to maintain that integrity and transparency that must form the basis of all decisions on PPPs to ensure the right framework for effective partnership and value for money,” Mr Mustapha further stated.
In his goodwill message, the Director-General of the Nigerian Governors Forum (NGF), Mr Asishana Okauru, said the Public-Private Partnerships (PPPs) have shown that if properly structured, could be an effective infrastructure financing and delivery tool.
“In Nigeria, proactively we have already begun this process as the Nigeria Governors’ Forum in collaboration with the ICRC has established the Nigeria Public-Private Partnership Network to address the issues and bottlenecks towards Infrastructural development of strategic sectors of the subnational economy by public-private partnerships”, he stated.
He noted that the NGF believes that improving the capacity and resources of State governments to prepare PPP pipelines and bankable PPP projects, offers a sustainable long-term approach to improving social infrastructure, enhancing the value of public sector assets, and making better use of taxpayers’ money.
Obasanjo Turns ‘Keke NAPEP’ Rider, Carries Passengers In Abeokuta
ICRC to gazette 53 PPP projects worth $22bn
and then