Infrastructure Devt: ICRC Pegs 7 Days For Approval Certificates
BY COBHAM NSA – Determined to deploy innovative private-sector funding for National Infrastructure development, the Infrastructure Concession Regulatory Commission (ICRC) has pegged seven days to issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance for contractors.
According to the ICRC’s Director General, Dr Jobson Oseodion Ewalefoh said the Commission has streamlined the approval processes for issuance of its certificates of compliance within a period of one week.
He said the measures in place would effectively address administrative bottlenecks and accelerate the turnaround time for approvals by the Commission.
Ewalefoh, who acknowledged the move arose from President Bola Ahmed Tinubu’s marching order on the Commission to “accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”, said; “In line with the charge of His Excellency, President Bola Ahmed Tinubu (GCFR) and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.
“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.”
A statement by Acting Head, Media and Publicity of ICRC, Ifeanyi Nwoko, further quoted the Director General as saying that; “By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.
“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.
“The Commission is ready to partner and collaborate with all MDAs to actualize this.”
Forefront News notes that the ICRC boss had in August 2024 rolled out a six-point policy direction focused on accelerating PPP processes; boosting inter-agency collaboration; and ensuring innovative financing.
Established to regulate Public Private Partnership (PPP) endeavours of the Federal government, the ICRC focuses on addressing Nigeria’s physical infrastructure deficit which hampers economic development.
An FBC is a comprehensive document that outlines the detailed investment plan, capital and operating costs, benefits, risks framework and negotiated financials associated with a PPP project.
It is prepared and submitted by the MDA to obtain the approval of the Federal Executive Council (FEC) as required by Section 2(2) of the ICRC Establishment Act, and forms the basis to secure funding, approvals, or partnerships.
However, the OBC is less detailed than the FBC, providing the determination of project viability and bankability, offering a solid foundation for the project’s overall strategy and direction.
