• Wednesday, July 17, 2024
businessday logo

BusinessDay

ICRC facilitates $8bn private investments for Nigeria’s infrastructure

The Infrastructure Concession Regulatory Commission (ICRC) has facilitated well over $8billion worth of private investments for infrastructure development across the country.
The Director-General, ICRC, Chidi Izuwah disclosed this Thursday in Abuja as he held talks with Indonesian authorities led by Usra Hendra Harahap, the country’s Ambassador to Nigeria on possible partnerships.
The courtesy visit was specifically to explore various areas of collaboration between the ICRC and Indonesian private entities on Public-Private Partnership (PPP) projects.
Izuwa told his visitors that Nigeria has, over the last one and a half decade, successfully implemented PPP projects in seaport terminals, silo complexes, hydropower plants and is “currently in the process of procuring private sector partners for 10 selected roads for Tolling, Inland Container Depots/Dry Ports, Truck Transit Parks and hosts of other projects.”
He said the Federal Government, through the respective Ministries, Departments and Agencies (MDAs), has opened windows of opportunities for any genuine local and foreign companies interested to deliver public infrastructure and services through PPP arrangements.
Reeling out achievements so far recorded in Nigeria’s PPP space, Izuwa said the ICRC in the past few years has simplified procurement processes required to attract investors into the economy.
“This has brought in a lot of transactions into our pipeline of projects in view of the shorter period of time in moving transactions from development to procurement and eventual commercial close,” he noted.
The ICRC has also reduced the approval process from two Federal Executive Council FEC approvals to one Full Business Case approval.
“This is a major effort that has reduced the time to fruition of projects and also overall accelerates transactions in the PPP space in the economy,” Izuwa
In 2017, the ICRC with support from the World Bank launched the first PPP Disclosure Portal in the World, equally noted, adding that the ICRC targets to ensure that PPPs in Nigeria truly become Prosperity Propelling Partnerships (PPP).
Izuwa said Indonesia which has accomplished so much in just a few years serves as a good example for Nigeria which is still struggling to meet up with its huge infrastructure need.
Responding, Harahap said he has been working with the Nigerian government as well as states for the last one and half year to strengthen the bilateral relationship between the two countries, especially on the economy.
He however noted, there are still areas of cooperation, including infrastructure that can be further initiated and explored.
His words, “Today’s meeting is very important especially bringing  closer our look to the possibility of us helping complete and further enhance cooperation on infrastructure project.
Harahap recalled that just a few days ago, ICRC was issued a certificate of compliance for the concession of four airport in Lagos, Abuja, Port Harcourt and Kano.
And according to him, this development is a good start for Nigeria and that they would like to learn more about the process, mechanism and possible involvement of Indonesia state-owned enterprise in such projects..
“I am also pleased to inform you that for the last 5 or 6 years, Indonesia has been working so hard to improve its infrastructure through the construction  rehabilitation and development of roads, bridges, railways, airports seaports.
“Just to give you an insight on the numbers whithin the fist four-year term of our local administration, the Indonesian government has completed several construction projects  of 3,472 km roads, 947 km highways , 398 km bridges, Rehabilitation and reactivation of 755 km railways, 19 new seaports and 10 new airports.
He was hopeful that as developing countries with so many commonalities in terms of population, middle class and so on, Indonesia and Nigeria can work together for the development of both countries.
Please enable JavaScript to view the comments powered by Disqus.
Exit mobile version