- As ICRC canvasses PPPs for long-term benefits
BY COBHAM NSA – With citizens’ cries of tough times occasioned by current economic realities echoing nationwide, President Bola Ahmed Tinubu has assured the international community that Nigeria remains ready and open for business.
This is as the President also maintained that Nigeria can no longer build a 21st-century economy on 20th-century infrastructure, especially in an era that government-only funding of capital projects is unsustainable.
President Tinubu, who spoke at the Nigeria 2025 Public-Private Partnership (PPP) Summit organised by the Infrastructure Concession Regulatory Commission (ICRC) at the State House in Abuja on Tuesday, said; “The old model of public-only infrastructure funding is no longer sustainable.
“Our national aspirations far exceed what public budgets alone can deliver. That is why we must innovate, and why we must work together. We are not looking for investors to carry burdens, we are opening opportunities to create value.”
Represented by Vice President Kashim Shettima at the event that had key stakeholders in both government and private sectors advancing collaboration towards closing Nigeria’s $2.3 trillion infrastructure gap, the President said; “We want long-term partners ready to bridge our infrastructure gap with purpose, precision, and integrity”.
Stressing that his ‘Renewed Hope’ agenda administration has taken bold steps to reform the economy, particularly the removal of fuel subsidies, liberalisation of the foreign exchange market, and optimisation of government revenue, President Tinubu maintained that all these measures were geared towards creating a more viable investment climate.
Additionally, he said; “We have strengthened the ICRC, streamlined bureaucratic bottlenecks, and aligned our infrastructure processes with global best practices. But policies alone don’t generate megawatts or build roads, what we need is collective action.”
Speaking earlier, the Director-General of the ICRC, Dr Jobson Ewalefoh said leveraging more on PPP agreements to tackle the current infrastructure gaps in the country is the way to go
For Ewalefoh, Nigeria’s 200 million population presents a huge advantage for the PPP arrangement to thrive successfully given the growing middle class, abundant resources, and an infrastructure deficit that needs to be addressed urgently.
While highlighting Nigeria’s readiness for partnerships, as well as openness for business, Dr Ewalefoh said; “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.
“At the ICRC, we are aligning regulation with facilitation, compliance with collaboration. We are committed to ensuring that every PPP transaction is not just legally sound but economically viable and socially impactful.
“The Commission stands ready to walk this journey with all partners — from project conceptualization to financial close and beyond.”
He also said the Commission is focused on aligning regulation with facilitation, adding that strategic measures are being taken to ensure every PPP transaction is “legally sound, economically viable, and socially impactful”.
The ICRC boss, who lauded President Bola Tinubu’s unwavering support in accelerating Nigeria’s PPP initiatives, maintained that the administration’s ‘Renewed Hope Agenda’ is fast reshaping the country’s infrastructure landscape for the needed socio-economic growth and development on a sustainable basis.
He listed several PPP-backed projects under the Tinubu-led administration to include the Highway Development and Management Initiative (HDMI), the MEMS platform, the Borokiri Fishing Terminal, the Ikere Gorge Dam, and the MediPool medical infrastructure initiative.
Dr Ewalefoh, while noting that prospective investors are routinely directed by the President to engage directly with the ICRC, thereby reinforcing its role as the statutory gateway for all federal PPPs, said the presidential support has also been evident in 2024 directive to all Ministries, Departments and Agencies (MDAs) on strict compliance with the ICRC Act and PPP Guidelines.
Tagged “Unlocking Nigeria’s Potential: The role of Public-Private Partnerships in delivering the Renewed Hope Agenda”, the programme was organized by the ICRC to facilitate robust engagement between government and other stakeholders on leveraging PPPs for national development.
The summit, which enjoyed active participation from private investors, development partners, and civil societies, focused on promoting sustainable, private-sector-driven growth through innovative partnerships.
