The Infrastructure Concession Regulatory Commission (ICRC) Director-General, Michael Ohiani, has claimed that the commission attracted private capital investment of almost N11tn through the franchise of various infrastructural projects across the country.
While highlighting key achievements of the agency since its creation in 2010 on Monday in Abuja, Ohiani said at least 94 approvals worth almost N9tn were granted in the last eight years under former President Muhammadu Buhari.
According to the DG, Public-Private Partnerships (PPPs) contribute to infrastructure development by bringing private sector investment, thus bridging the gap between the private sector and the government.
“From the inception of ICRC in 2010 to date, following our regulatory guidance in line with extant rules and subsequent issuance of Full Business Case compliance certificates, a total of 103 PPP projects have been approved by the Federal Executive Council. These projects have brought in private capital investment of almost N11tn.
“Out of the 103 projects, 94 approvals worth almost N9tn were granted in the last 8 years under the administration of former President Muhammadu Buhari.
“In line with the ICRC Act, 2005; the Commission published in 2022 a list of 53 eligible PPP projects worth $23bn in the pipelines of projects, the sequel to their certification as both viable and bankable to be undertaken using PPPs. In addition, the commission has issued Outline Business Case compliance certificates for 174 projects to proceed with procurement,” Ohiani said.
He further disclosed that the projects are in procurement stages and cover various sectors including but not limited to transportation, health, education, aviation, agriculture, and water.
Highlighting some of the projects, the DG said, “Some of the notable projects approved in the last 8 years include the development of Hydroelectric power from existing Small and Medium dams across the country, the Warehouse-in-a-box projects, the concession and leasing of 19 grain storage facilities, the construction and maintenance of 12 corridors under a highway development and management initiative amongst others.”