- Tasks MDAs, private proponents on compliance
- Says fresh regulatory framework will unlock billions in private investment
BY COBHAM NSA – Focused on implementing the presidential directive seeking to overhaul Nigeria’s infrastructure delivery processes through Public-Private Partnerships (PPPs), the Infrastructure Concession Regulatory Commission (ICRC) has issued a fresh set of guidelines to govern the development and execution of all PPP projects in the country.
Under the statutory powers contained in the ICRC Act, 2005, and in compliance with Presidential directive, the new framework was formally unveiled at a high-level stakeholders’ engagement with representatives from all Ministries, Departments, and Agencies (MDAs) directly involved in PPPs.
The ICRC Director General, Dr Jobson Oseodion Ewalefoh explained that the guidelines provide directions and requirements to set up the Project Approval Board for the new approval thresholds of under N20 billion for Ministries and under N10 billion for agencies and parastatals as approved by the President; it provides steps for preparing the Outline Business Case (OBC), Full Business Case (FBC) and financial model; guides the procurement routes, PPP agreement, among others.
In making public presentation of the guidelines, Dr Ewalefoh took stakeholders through each section, responded to questions, and clarified points to ensure clear understanding, saying; “The new guidelines are in response to President Bola Ahmed Tinubu’s vision to liberalise the economy and in line with his charge to the ICRC to seek innovative ways to attract private sector finance to build infrastructure through PPPs.”
Furthermore, Dr. Ewalefoh said: “These rules establish a definitive framework for the conception, development, and execution of PPP projects in Nigeria. They decentralize project approvals to empower MDAs for faster delivery while safeguarding the ICRC’s role as regulator of PPPs in Nigeria.
“Every PPP project, regardless of sector, scale, or origin, must strictly comply with these provisions. Every project shall be subjected to our due diligence and compliance requirements”.
While stressing the ICRC’s role as a regulator of PPPs and not an operator or grantor of projects, Dr Ewalefoh told participants that the Commission will continuously facilitate and coordinate negotiations between MDAs and Private Proponents to ensure that the terms and conditions of agreements are fair to parties and implementable.
The Director General stated that the Presidency’s decision to delegate greater approval authority to MDAs, with ICRC regulating the process, also comes with greater responsibility and zero tolerance for non-compliance.
The Commission reaffirmed its commitment to collaborate with MDAs, private investors, financiers, and development partners to reposition Nigeria as the continent’s leading destination for bankable and transformative PPP projects.
The Stakeholders’ engagement had participants expressing strong support for the current reforms and a readiness to immediately begin implementing the new guidelines.
