The Infrastructure Concession Regulatory Commission (ICRC) has said that it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.
The assurance by the commission follows President Bola Tinubu’s charge to the Director-General, Dr. Jobson Ewalefoh, to accelerate investment in national infrastructure through innovative mobilization of private-sector funding.
President Tinubu also charged him to assiduously work to boost infrastructure development nationwide as part of the Renewed Hope Agenda of the current administration.
Based on the Presidential directive, the Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days to accelerate time for approvals by the Commission.
He expatiated: “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.
“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”, Ewalefoh added.
It would be recalled last month, the Director-General rolled out a six-point policy direction, which focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing, among others.
The ICRC was established to regulate Public Private Partnership (PPP) initiatives of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit, which had been hampering the nation’s sustainable economic development over the years.
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.
The OBC is less detailed than the FBC but provides the determination of project viability and bankability, offering a solid foundation for the project’s overall strategy and direction.
