…mulls approval of certificates in 7 days
The Infrastructure Concession Regulatory Commission (ICRC) has began move towards accelerating infrastructure development, bridging the infrastructure gaps and stimulating the economy through the investment of private sector funds in Public Private Partnership endeavours.
According to Jobson Oseodion Ewalefoh, the Director General of the Commission in a statement issued to journalists on Monday, the Commission henceforth will issue the Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.
This follows the charge by President Bola Ahmed Tinubu to the DG to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding. “President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.
“Given the above, the Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.
“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.
“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours,” the statement read.
He explained that by streamlining its processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only viable business cases, bankable, offer value for money and meet all other requirements will be approved.
This development follows the six-point policy direction rolled out by the Commission in August, which focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.
“The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.
“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.
“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.
