The Managing Director and Chief Executive Officer of the North Central Development Commission (NCDC), Dr. Cyril Yiltsen Tsenyil, has reaffirmed the commitment of the commission to leveraging Public-Private-Partnerships (PPPs) and alternative financing mechanisms to deliver critical infrastructure and economic development projects across the North Central region.
Dr. Tsenyil, who stated this when he led members of the Governing Board and Management of the NCDC on a strategic visit to the Infrastructure Concession Regulatory Commission (ICRC) in Abuja, said the Commission recognizes that government budgetary allocations alone cannot adequately fund the scale of infrastructure required to unlock the enormous economic potential of the North Central region.
The NCDC Chief Executive who said that the visit to ICRC was aimed at exploring areas of collaboration aimed at attracting investment into key legacy projects within the region, noted that this reality informed the Commission’s decision to actively seek innovative financing options through partnerships with the private sector.
Tsenyil said that some of the transformative projects the Commission hopes to pursue include railway connectivity across the North Central region, dredging of Rivers Benue and Niger, revitalization of strategic national assets such as the Ajaokuta Steel Company, and the development of the Jos Inland Dry Port, among others.
He noted that the North Central region is endowed with vast agricultural resources, solid minerals, tourism potential and other economic assets that can attract substantial investment when supported by the right infrastructure and financing frameworks.
Responding, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, commended the Commission’s forward-thinking approach to development financing.
Ewalefoh explained that the ICRC was established to facilitate partnerships between the public and private sectors and agreed that achieving large-scale transformational projects would be difficult without alternative financing mechanisms.
The Director General of the ICRC pledged to constitute a technical team that would work closely with the NCDC to identify viable, bankable and profitable investment opportunities capable of attracting both local and international financiers.
Ewalefoh noted that investors are naturally drawn to projects with clear economic value, sustainability and strong prospects for returns on investment.
The ICRC Director-General also said that the Commission intends to engage all regional development commissions in a strategic dialogue aimed at helping each region leverage its comparative advantages while fostering collaboration for national economic growth and prosperity.
