The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, has stated that Nigeria urgently needs Public-Private Partnerships (PPPs) involving both local and foreign investors to address the nation’s $2.3 trillion infrastructure gap.
He made the observation on Tuesday at the ongoing Nigeria Public-Private Partnership (PPP) Summit 2025, held at the State House Banquet Hall in Abuja, an event attended by Nairametrics.
The summit, themed “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda,” was graced by several Federal Ministers, officials from Afreximbank, the African Development Bank (AfDB), the Regional Director of the International Finance Corporation (IFC), among others.
PPPs Urgently Needed
In his opening remarks, Ewalefoh stressed that investors should take advantage of Nigeria’s open market.
- He emphasized that addressing the country’s infrastructure needs now requires the involvement of PPPs.
“Let me assure our local and international investors: Nigeria is open for business — and more importantly, ready for partnership. With over 200 million people, a growing middle class, rich natural endowments, and an enormous infrastructure gap estimated at over $2.3 trillion — the case for PPPs in Nigeria is not only compelling, it is urgent,” he said.
The DG explained that under the administration of President Bola Tinubu, Nigeria has witnessed a bold recalibration of public policy, prioritizing infrastructure as the engine of inclusive growth.
- He highlighted projects such as the Highway Development and Management Initiative (HDMI), the MediPool medical infrastructure initiative, the Ikere Gorge Dam, the Borokiri Fishing Terminal, and the MEMS platform as evidence that this administration has laid a strong foundation for sustainable, private-sector-driven growth.
- He added that the ICRC is aligning regulation with facilitation, compliance with collaboration, and is committed to ensuring that every PPP transaction is not just legally sound but also economically viable and socially impactful.
- Ewalefoh also highlighted several deliberate steps taken by President Tinubu to strengthen the ICRC, including the endorsed streamlined processes that enhance the ICRC’s ability to deliver PPPs faster and more efficiently.
“In 2024, he directed that all MDAs must strictly comply with the ICRC Act and Guidelines in all PPP transactions — a clear statement of his commitment to rule-based, transparent infrastructure development.
“He has preserved the integrity of our regulatory mandate, never interfering with our processes. Instead, he routinely directs prospective investors and partners to engage directly with the ICRC — reinforcing our role as the statutory gateway for all federal PPPs.
“Under his leadership, we have witnessed unprecedented speed in the approval of PPP proposals before the Federal Executive Council (FEC). This presidential support is enabling us to fast-track critical national projects, including the Dasin Hausa Dam in Adamawa State — a life-saving infrastructure that will mitigate the perennial devastation caused by water released from the Lagdo Dam in Cameroon,” he added.
- The DG urged the government, private investors, development partners, and civil society to co-create new frameworks, de-risk bankable projects, and strengthen relevant institutional alignment toward project delivery aimed at Nigeria’s prosperity.
- He noted the President’s backing towards accelerating investment in national infrastructure through innovative mobilization of private-sector funding.
Nigeria Needs Private Sector Partners’ Commitment
Speaking as Guest of Honour at the summit, President Tinubu, represented by Vice President Kashim Shettima, urged private sector partners not just to provide capital but to show commitment to Nigeria’s infrastructure demands.
“To our private sector partners, we ask not just for capital, but for commitment. Nigeria offers scale, demand, and returns like no other African market,” he said, adding that the nation needs more than investment.
“We need innovation, we need efficiency, and above all, we need integrity. I urge you to look beyond the risks and recognize the immense opportunity to shape a nation that is not just rising, but ready,” he said.
- He recalled that when Tinubu took office as president two years ago, the government knew that a functional relationship between the public and private sectors would be the “magic wand of transformation.”
- He assured attendees that the ICRC’s capacity has been enhanced to regulate, superintend, and de-risk PPP transactions.
“Our economic reforms have laid a stable foundation.
“From the removal of unsustainable subsidies to the liberalization of the foreign exchange regime and the optimization of government revenues, we have acted boldly and responsibly.
“We are streamlining bureaucratic bottlenecks and improving transparency in our project pipelines. We have aligned our processes with global best practices and investor expectations,” he added.
- He maintained that the National Integrated Infrastructure Master Plan (2020 to 2043) remains the blueprint of the President Bola Tinubu administration.
- He said the Plan is the Federal Government’s compass to raise infrastructure stock from the current 30 to 35 percent of GDP to at least 70 percent by the year 2043.
- He added, however, that these goals require collective action.
Shettima subsequently declared the 2025 Nigeria Public-Private Partnership Summit open.
