The Infrastructure Concession Regulatory Commission (ICRC) has expressed its readiness to support sub-national governments and the Federal Capital Territory (FCT) on viable infrastructure projects through the use of Public Private Partnerships (PPP) model.
The commission’s Director General, Michael Ohiani, made promise when he received Media Trust Group’s delegation, led by its Group Chief Executive Officer, Mr. Mounir Gwarzo, which paid a courtesy to his office in Abuja
While listing some of the projects the Commission had recently supported the implementation and its mandate, the infrastructure development expert told the delegation that some states were already taking on PPP projects through the assistance of the ICRC.
For instance, he confirmed that the Commission had supervised many laudable projects which will go a long way to bridge the infrastructure gap in Nigeria, including the Lekki Deep Sea Port which was currently at 98.07% completion, the Nigerian Air project, as well as upgraded four major international airports in the country, among other interventions.
Ohiani told the delegation that although the commission’s enabling Act only conferred on it regulatory functions for Federal Government projects, the ICRC had set up a peer review mechanism to assist states in ensuring that their PPP projects are in line with global best practices through the establishment of the Nigerian Public Private Partnership Network (NPPPN) in collaboration with the Nigerian Governors Forum.
The ICRC boss also pointed out that there were also some projects that were on the exclusive legislative list such as deep seaports, rails, airports and others and that if a state government intends to get involved in such investment opportunities, they will have to follow ICRC’s guidelines and regulations.
He said: “Also going by the Fiscal Responsibility Act and the Act of the Debt Management Office, if a state government wants guarantee or a foreign loan to support such project, they will have to recourse to the Federal Executive Council (FEC) to give a ‘No Objection’ before such loans or guarantee can be given.”
In his remarks, the Media Trust Group team leader said that ICRC’s role in infrastructure development, which is a major achievement of the present administration, deserved commendation and expressed the readiness of his organization to partner the commission in its statutory roles.
Gwarzo, a former Chief Executive of the Securities and Exchange Commission (SEC), said that the visit was also to congratulate the Director General on his appointment to lead the commission’s infrastructure development drive through PPPs in the country.
