ICRC Restates Commitment to Bridge Infrastructure Deficit

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ICRC Restates Commitment to Bridge Infrastructure Deficit

ICRC Restates Commitment to Bridge Infrastructure Deficit

The Infrastructure Concession Regulatory Commission (ICRC) has restated its commitment to providing the needed regulation to support the current administration in its bid to further bridge the nation’s infrastructure deficit.

Michael Ohiani, Director-General, ICRC, said this in his Independence Anniversary Message in Abuja on Sunday.

“The management and staff of the ICRC heartily congratulate His Excellency, President Bola Tinubu, the Vice-President, Kashim Shettima, and the good people of the Federal Republic of Nigeria on the celebration of the nation’s 63rd Independence Anniversary.

“At 63, Nigeria has indeed come a long way: with 24 years of uninterrupted democracy and the coming of a new administration led by President Tinubu, and a promise of renewed hope, the nation is set for greatness.

“As anticipated, the new administration has already begun to look to Public Private Partnerships (PPPs) to deliver on the much-needed infrastructure development.

“The Commission is poised to provide the requisite regulations that will ensure that such ventures contribute greatly to bridging the infrastructure deficit in the country.”

Ohiani said in the last 15 years under the regulatory guidance of the commission, the Federal Executive Council (FEC) had approved 103 PPP projects from the inception of the commission till date.

“These projects which cut across different sectors of the economy will bring in private capital investment of N10.8 trillion.”

Ohiani said some of these projects had already been completed and were now running, while others were at various levels of execution.

“These investments also translate to a revenue expectation of N185.2 billion to the Federal Government of Nigeria in 2023 alone.”

He said it was gratifying to note that as exemplified above, PPPs could serve as a vehicle to complement government efforts to bridge the infrastructure gap.

Ohiani, however, said that this could only be attained with sustained effort, the regulatory guidance of the commission, and the support of the good people of Nigeria.

He said the commission in 2021 and 2022 published a pipeline of over 100 viable PPP projects.

According to him, these projects have been certified as bankable and could undergo the process of procuring a preferred private sector investor to undertake the project.

“As mentioned above the current administration has alluded that it will employ PPP in delivering some of its already identified infrastructure projects.

“This is indeed commendable as PPP is the model adopted by many countries in the World to meet their infrastructure needs. Happy 63rd Independence Anniversary Celebration. God Bless the Federal Republic of Nigeria.” Naira Devaluation Deepens Economic Crisis in Nigeria

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