The Nigerian Economic Summit Group (NESG) and the Infrastructure Concession Regulatory Commission (ICRC) have entered into an agreement to collaborate in enhancing the accelerated delivery of infrastructure in Nigeria through Public-Private Partnerships (PPPs) and other forms of private sector participation in infrastructure delivery.
The signing of the MoU reflects the appreciation of the roles of the ICRC and the private sector in addressing Nigeria’s huge infrastructure deficit by creating an enabling environment to attract local and foreign private capital to infrastructure projects in the country.
The areas for collaboration between the parties shall include the convening of public-private dialogues on infrastructure and associated policy advocacy programmes. Both parties will also work together on infrastructure and PPP policy analysis as well as strategy development, capacity building and the engagement of the government, private sector, and civil society on infrastructure, PPP issues, and economic policies.
Laoye Jaiyeola, CEO of the NESG, said: “The NESG is delighted with the platform created by this MoU for Nigeria’s private sector to work with the regulator of the PPP endeavours of the Federal Government to catalyse PPPs in our country. We are optimistic that this platform will help create the framework for private capital to flow into infrastructure projects under the PPP model by analyzing challenges and advocating for the implementation of the required policy reforms.”
The shortage of infrastructures such as roads, rail lines, ports, and electricity, is a major challenge impeding the growth and development of Nigeria.
According to Chidi Izuwah, the acting director general, Infrastructure Concession Regulatory Commission (ICRC), Nigeria requires over $100 billion over the next six years to provide quality oil and gas, power, road, and rail infrastructure.