…By Dorcas Funmi for TDPel Media.
The Infrastructure Concession Regulatory Commission (ICRC) has announced significant private capital investment in various infrastructural projects across Nigeria.
In a recent statement, the Director-General of ICRC, Michael Ohiani, highlighted the achievements of the agency since its establishment in 2010.
He emphasized the role of Public-Private Partnerships (PPPs) in fostering infrastructure development and bridging the gap between the government and the private sector.
Private Capital Investment Reaches N11tn:
According to Ohiani, the ICRC has attracted private capital investment of nearly N11tn through the franchise of various infrastructural projects.
Since its inception in 2010, the commission has gained regulatory guidance and issued compliance certificates for a total of 103 PPP projects.
These projects have not only brought significant private sector investment but have also contributed to the growth of the country’s infrastructure.
Approval of Projects under Former President Muhammadu Buhari:
Under the administration of former President Muhammadu Buhari, at least 94 approvals, amounting to almost N9tn, were granted for infrastructure projects.
These approvals signify the government’s commitment to fostering public-private partnerships and attracting private investment in critical sectors.
The ICRC has played a pivotal role in ensuring compliance with the ICRC Act of 2005 and issuing certificates to facilitate the execution of viable and bankable PPP projects.
Pipeline Projects and Procurement Stages:
In line with the ICRC Act, the commission published a list of 53 eligible PPP projects worth $23bn in 2022.
These projects have been certified as both viable and bankable and are currently in the pipeline.
Additionally, the ICRC has issued Outline Business Case compliance certificates for 174 projects, allowing them to proceed with procurement.
These projects span across multiple sectors, including transportation, health, education, aviation, agriculture, and water.
Notable Approved Projects:
Among the notable projects approved in the past eight years are the development of hydroelectric power from existing small and medium dams throughout the country, the implementation of Warehouse-in-a-box projects, the concession and leasing of 19 grain storage facilities, and the construction and maintenance of 12 corridors under a highway development and management initiative.
These projects highlight the diverse range of infrastructural developments aimed at improving the country’s overall capabilities.
Conclusion:
The ICRC has achieved significant milestones in attracting private capital investment and promoting public-private partnerships for infrastructure development.
With numerous approved projects and others in the pipeline, the commission continues to play a crucial role in facilitating the growth and enhancement of Nigeria’s infrastructure across various sectors.