The Nigerian government, through the Infrastructure Concession Regulatory Commission (ICRC), announced that they have attracted over $500 million through Public-Private Partnership (PPP) projects in the past year.
The ICRC plans to check all PPP projects to make sure they are following the rules, including having the right insurance as required by the law.
Dr. Ewalefoh, the Director-General of ICRC, said this during his visit to the Minister of Interior, Dr. Tunji-Ojo, who was given the PPP Icon Award. Dr. Ewalefoh mentioned that under Dr. Tunji-Ojo’s leadership, they managed to bring in over $500 million in investments through these PPP projects last year.
Dr. Ewalefoh also said that they are working to make sure all PPP agreements are doing well, pointing out that ensuring all PPP projects have proper insurance is important to protect national assets.
“We are starting to check the PPP agreements, not to end them but to make them better for the country. Having insurance is very important to protect our national assets in these partnerships,” said Dr. Ewalefoh.
He thanked the Ministry of Interior for using PPPs a lot, with the most PPP projects approved by the Federal Executive Council (FEC) last year.
Dr. Ewalefoh praised the minister for increasing revenue and making sure projects that were stuck are now moving forward instead of being canceled.
Minister Tunji-Ojo talked about the government’s aim to involve the private sector more to get more resources and create a good environment for investments. He mentioned key PPP projects in the Ministry like the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System.
Things to know
- As part of the Federal Government’s efforts to grow the economy through Public-Private Partnerships (PPPs), Lagos State Governor, Mr. Babajide Sanwo-Olu, promised to improve the Office of Public-Private Partnerships (OPPP) to meet global standards.
- During a staff retreat, he highlighted the importance of the office in improving infrastructure and services through work with private companies.
- The office, created in 2007, had not reached its full potential, so they are working on making it better.
- Governor Sanwo-Olu asked the staff to collaborate and work hard to revive the office and meet its goals. Other speakers also talked about the importance of working together, being efficient, and making partnerships to help the state’s economy grow and generate more revenue.