The Director-General of the Infrastructure Concession Regulatory Commission, Michael Ohiani, estimates that in 2023, concessions of a variety of assets will bring in N185.2 billion to the Federal Government’s bank account.
The Punch reported that the DG stated this in the second quarter bulletin of the commission.
According to him, the projects would significantly help close the country’s infrastructure gap by attracting billions of dollars in private sector investment totaling N10.8 trillion.
He also stated that the private-public collaboration was essential to increase economic growth at the state and federal levels as well as to create jobs and close infrastructural shortages.
He said, “With these approvals in the second quarter of 2023, the total number of PPP projects that FEC has granted since the commission’s creation reached 103. N10.8 trillion ($23 billion) in private cash would be invested in PPP projects to build Nigeria’s infrastructure.
In addition, the Federal Government of Nigeria anticipates earning N185.2 billion from these investments in 2023 alone, according to a portion of the bulletin.
Additionally, it was disclosed that as part of the government’s attempt to close the infrastructure gap, the commission awarded 27 compliance certificates to various ministries, agencies, and departments in the second quarter of 2023.
According to a breakdown, 24 compliance certificates for full business cases and four brief business cases were given to potential private investors to encourage public-private collaborations.
An outline business case explains the initial ideas for a proposed project and should include the data necessary to assist the institution in deciding whether to implement the project.
Before asking for approval prior to the ensuing award of the contract, a detailed business case outlines the full scope and expense of the project, reports on the findings of the request for proposals, and requests approval.
