The Federal Government of Nigeria has reported attracting more than $500 million through Public-Private-Partnership projects over the past year, as announced by the Infrastructure Concession Regulatory Commission.
The ICRC also revealed plans to conduct a comprehensive performance audit of all existing PPP projects, according to Nairametrics.
This audit will focus on ensuring compliance with statutory requirements, including the mandatory insurance coverage outlined in the Infrastructure Concession Regulatory Commission Establishment Act of 2005.
This was disclosed by the Director-General of the Infrastructure Concession Regulatory Commission, Dr. Jobson Oseodion Ewalefoh during a recent courtesy visit to the Minister of Interior, Hon. Dr. Olubunmi Tunji-Ojo.
Dr. Ewalefoh commended the Ministry of Interior for successfully attracting over $500 million in investments through various PPP projects in the past year, attributing this achievement to the leadership of Hon. Dr. Olubunmi Tunji-Ojo.
“We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships,” said Dr. Ewalefoh.
Dr. Ewalefoh praised the Ministry of Interior for leading the way in PPPs, presenting the highest number of PPP projects to the FEC in the past year.
Minister Tunji-Ojo emphasized the government’s commitment to fostering private-sector participation to address resource gaps and create a favorable investment climate.
He highlighted key Public-Private Partnership initiatives within the Ministry of Interior, including the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System.
In support of the Federal Government’s initiative to drive economic growth through Public-Private Partnerships, Lagos State Governor Mr. Babajide Sanwo-Olu has pledged to revitalize the Office of Public-Private Partnerships to align with global standards.
