• Wednesday, November 29, 2023
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How Infrastructure Concession Regulatory Commission woos private sector


 The statutory role of the Infrastructure Concession and Regulatory Commission (ICRC) is to address infrastructural deficit in the country and working closely with the ministries, departments and agencies to design, finance and assist in developing infrastructure in the country.

The Commission, established by an Act of Parliament in 2005, has its first board constituted in 2008.

Speaking with BusinessDay in an exclusive interview in Abuja, Gbaji Bello, acting director-general of the Commission, said the aim was to work more closely with the private sector in line with the transformational policies of the present administration aimed at addressing the core deficit inherent in infrastructural provision.

He revealed that the agency was looking at various windows of opportunities aimed at incorporating the private sector in order for it to play its role in designing, building, operating and transferring the needed infrastructure aimed at effective execution of policies.

According to the acting director-general, there is a defined correlation between infrastructural development and wealth creation as investment opportunities would open up wider windows of opportunities in addressing business opportunity gaps, which would facilitate free movement in the country and create value chain in various businesses across the country.

Bello said provision of sufficient infrastructure would reduce social tension in the country, as more youths would be engaged in meaningful ventures such as in building and maintenance of the needed infrastructure. Notably, he disclosed that the agency was already reaching out towards taking the advantage inherent in public private partnership, as the agency more than ever was prepared towards the regulation and concessioning of government projects as well as supervision and co-ordinating how it was being done. Accordingly, he stated that the agency was organising a retreat targeted at having a defined strategy that would facilitate a more pro-active approach aimed at creating the enabling environment for private sector involvement.