Lagos requires more PPPs in infrastructure funding to be an investment heaven

Lagos State Governor, Akinwunmi Ambode, has said that more public private partnerships (PPPs) in infrastructure funding, is required to make the state a preferred destination for investment.

Speaking in the stead of the governor through a speech delivered at the Annual Punuka Lecture in Lagos, the Deputy Governor, Dr. Idiat Oluranti Adebule said the state was determined to explore the PPP model in areas such as road network expansion, transportation, housing and environment.

“Some critical projects we have identified to be implemented through collaboration with the private sector include the Fourth Mainland Bridge, the Okokomaiko road expansion project, Oko-Oso-Itoikin road dualisation and the Ikorodu-Agbowa-Itoikin-Ijebu-Ode road project,” he said.

According the Governor, the Lagos State government was not abdicating its responsibilities but essentially releasing scarce resources for other important projects.

He said an advantage of bringing the private section into governance was the efficiency it brings to project management, and minimising the issues of waste, delayed delivery and abandonment associated with public projects.

He however noted that government revenue as it stands today, could not be relied upon as the only source of funding for developmental projects.

“The reality of this fact is becoming clearer as a result of reduction in government revenue occasioned by dwindling oil prices and increasing need of the people,” he said.

The governor said the state has already effectively used the PPP model in the delivery of critical infrastructure, such as the Bus Rapid Transit system, the ongoing Eko Atlantic Project, the Lekki Free Trade Zone, among others.

Reiterating the position of the Lagos State governor, Senior Partner, Punuka Attorneys and Solicitors, Anthony Idigbe, SAN, said government alone cannot be saddled with investing tax payers’ money in otherwise commercially viable infrastructure projects in the face of other social needs.

“Consequently, private participation is needed for the enhancement of infrastructural development and indeed are required as, perhaps, a matter of social commitment, to step up their game to fill the infrastructural funding gap.

“In addition, they can bring private sector experience to conceptualisation, design, execution, operation and maintenance of infrastructure,” Idigbe said.

The Punuka Annual Lecture which held at the Metropolitan club, Victoria Island, Lagos created a platform for key stakeholders in the economy to exchange viewpoints and perspectives concerning the exponential growth of Nigeria’s infrastructure base. They identified, the dearth, decay and deficit in the nation’s social infrastructure as a huge obstacle to its developmental growth.

Between the speakers and participants, the theme of this year’s lecture, ‘The Role of Public Private Partnership in Infrastructural Development’ was extensively discussed. Among the guest speakers, Anthony Ross, QC, Frank Walwyn, both from Canada and Managing Director of Planet Projest, Biodun Otunla. The event was chaired by Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, with the Chairman, Nestle Nigeria Plc., David Ifezulike as Special Guest of Honour.