Aug 10, 2022

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FG Tells Investors, ‘Nigeria Safe for Investment’ As ICRC Rolls Out 53 Projects Worth $22Bn – Legit.ng

  • The Infrastructure Concession Regulatory Commission (ICRC) hosted the Africa Public Private Partnership Network Investment Summit in Abuja on Monday 4th July
  • ICRC Chief Michael Ohiani stated at the summit that the agency already has 53 public-private partnership (PPP) projects on the map and urged foreign and local investors to invest in Nigeria

FCT, Abuja – The Infrastructure Concession Regulatory Commission (ICRC) says it has a pipeline of 53 bankable public-private partnership (PPP) projects worth around $22 billion.

ICRC Acting Director General and Chief Executive Officer Michael Ohiani made the announcement at the Africa Public Investment Summit on Monday 4 July Private Partnership Network in Abuja.

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In a conversation Taking revenge with journalists, Ohiani explained that amid the incessant uncertain situation in the country, investors have nothing to fear as long as they follow the established rules of the ICRC.

< p class="align-left">He said:

“We would like to reassure the international community that their funds are well protected in Nigeria. Once you comply with ICRC law, you no longer have to worry about your contract being terminated.

“The aim of this summit is to attract investment to Nigeria. We have a project pipeline, 53 project pipelines in Worth $23 billion.

“So the essence is to raise awareness around the world that Nigeria is safe for investment and that it is a haven for investment considering Section 11 of our Investor Protection Act.” .”

Private sector at the linchpin of infrastructure development – ​​Boss Mustapha

In his keynote speech at the summit, the secretary told the Government of the Federation, Boss Mustapha recognized the importance of the private sector as the engine of development in Africa.

He said:

” To unlock Africa’s potential, it is in indeed necessary a resistance to develop and adopt capable and vibrant PPP frameworks to facilitate a rapid transformation of the continent’s infrastructure.”

Similarly, in a bid, the SGF also stressed the need for Energy, transportation and new satellite cities to accommodate more populations in urban and suburban areas of the African continent.

Speaking to journalists, Mustapha revealed that the problems in creating a favorable business environment for investors as well as there improvement in expanding prospects and opportunities for healthy business environment.

During his welcome speech, ICRC chief Michael Ohiani reeled off some of the milestones of the agency in a short period of time.

Ohiani said:

“In 2021 we have a pipeline of 51 eligible and bankable PPP projects Released over $17 billion worth of assets. This list contains the projects from different business sectors that have been granted the Outline Business Case Compliance Certificates but for which no bidders have been identified.

“For 2022, the ICRC intends to announce a pipeline of 53 eligible and bankable PPP projects worth approximately US$22 billion very soon.

“In May 2022 there are 77 post-contract PPP projects carried out on the ICRC Projects Disclosure Portal (www.ppp.icrc.gov.ng or www.icrc.gov.ng). The portal is the first disclosure portal in the world established in cooperation with the World Bank.”

In addition, Managing Director of Mainstream Energy Solutions Limited spoke to journalists at the summit, Atinuke Taiwo said that there is a huge deficit in infrastructure development in Africa and one of the ways to fill this deficit is through public-private partnership.

Taiwo said along with the public -private partnerships: Government is able to do a whole lot more to bridge this infrastructure development gap.

Asked if there is any improvement related to delayed infrastructure projects within the government sector, she said:

“I think the government is doing its own thing to bridge and remove some of these obstacles that are challenging for the development of the private sector were.

“They are trying their best to ensure that regulatory and policy bottlenecks are removed and we hope that as they work through some of these policy and regulation issues they will resolve themselves and open up more investment to the mobilize the private sector and allow sufficient liquidity and long-term investment into Nigeria and the African continent.”

Source: Legit.ng