The Federal Government of Nigeria, through the Infrastructure Concession Regulatory Commission (ICRC), announced that over $500 million has been attracted through Public-Private Partnership (PPP) projects within the past year.
The ICRC disclosed plans to conduct a performance audit of all PPP projects to ensure compliance with statutory requirements, including mandatory insurance coverage as stipulated by the Infrastructure Concession Regulatory Commission Establishment Act of 2005.
During the visit, Dr. Ewalefoh highlighted that the Ministry had successfully attracted over $500 million in investments through various PPP projects during the last year under Dr. Tunji-Ojo’s leadership.
Dr. Jobson Oseodion Ewalefoh, Director-General of the ICRC, shared this during his courtesy visit to the Minister of Interior, Hon. Dr. Olubunmi Tunji-Ojo, where the minister was honoured with the PPP Icon Award. Dr. Ewalefoh affirmed that the commission is working to optimize the performance of all PPP agreements, stressing the importance of ensuring all government assets under PPP arrangements.
“We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships,” said Dr. Ewalefoh.
He also acknowledged the Ministry of Interior for being at the forefront of utilizing PPPs, with the highest number of PPP projects presented to the Federal Executive Council (FEC) in the past year.
Dr. Ewalefoh commended the minister for enhancing revenue generation and ensuring stalled projects are optimized rather than cancelled.
Minister Tunji-Ojo emphasized the government’s focus on fostering private-sector participation to bridge resource gaps and create a conducive environment for investments, highlighting key PPP initiatives within the Ministry such as the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System.
What you should know
- In line with the Federal Government’s ongoing efforts to drive economic growth through Public Private Partnerships (PPPs), Lagos State Governor, Mr. Babajide Sanwo-Olu, reaffirmed his commitment to revitalizing the Office of Public-Private Partnerships (OPPP) to align with global standards.
- Speaking at a staff retreat, he emphasized the office’s role in improving infrastructure and public services through collaborations with private stakeholders.
- The office, established in 2007 under his initiative, had not met its full potential, prompting efforts to rebuild it.
- Governor Sanwo-Olu urged staff to work together and revive the office to fulfil its objectives, with support from other key speakers who highlighted the importance of collaboration, efficiency, and partnerships in boosting the state’s economic growth and revenue generation.
