Insecurity: ICRC laws will protects investors, says CEO

  • The Infrastructure Concession Regulatory Commission (ICRC) on Monday, July 4 hosted the Africa Public Private Partnership Network Investment summit in Abuja
  • ICRC boss, Michael Ohiani at the summit declared that the agency already has 53 Public-Private Partnership (PPP) projects on the card
  • He revealed that these projects are worth a whooping $22 billion as he urged foreign and local investors to invest in Nigeria

FCT, AbujaThe Infrastructure Concession Regulatory Commission (ICRC) says it has a pipeline of 53 bankable Public-Private Partnership (PPP) projects, worth about $22 billion.

The acting director-general and chief executive officer of ICRC, Michael Ohiani made this known on Monday, July 4 at the Africa Public Private Partnership Network Investment summit in Abuja.

AP3N investment summit
SGF, Boss Mustapha (middle) and the acting Director-General of ICRC, Michael Ohiani (middle) and other participants of the AP3N investment summit. Photo: Segun Adeyemi
Source: Original

While speaking to journalists, Ohiani stated that amid the incessant insecurity situation in the country, investors have nothing to fear so long they follow the stipulated rules of the ICRC.

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He said:

“We want to assure international community that there funds are well protected in Nigeria. Once you follow ICRC’s law, you don’t have fear that your contract will be terminated.

“The target of this summit is to attract investment to Nigeria. We have a pipeline of project, 53 pipelines of project worth $23 billion dollars.

“So the essence is to sensitise the whole world that Nigeria is safe for investment and that it is a investment haven, taking into consideration section 11 of our act that protects investors.”

Private sector pivotal to infrastructural development – Boss Mustapha

In his keynote address at the summit, the secretary to the government of the federation, Boss Mustapha recognised the importance of the private sector as the engine room of development in Africa.

He said:

“Indeed, to release the potential of Africa, there is the need to develop and imbibe a resilient and vibrant PPP framework as a means of facilitating rapid infrastructure transformation of the continent.”

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Similarly, the SGF also stressed the need for energy, transportation, and new satellite cities in a bid to habour more population across urban and suburban areas in the African continent.

While speaking to journalists, Mustapha revealed that issues of creating enabling business environment for investors has been reduced as there have been improvement in scaling up the prospect and possibilities of a healthy business environment.

Meanwhile during his welcome address, ICRC boss, Michael Ohiani reeled out some of the milestones the agency within a short period of time.

Ohiani said:

“In 2021, we published a pipeline of 51 eligible and bankable PPP projects, worth over USD 17 Billion. This list contains the projects from different economic sectors which have been granted the Outline Business Case Compliance Certificates, but which did not have identified bidders.

“For 2022, ICRC intends to gazette a pipeline of 53 eligible and bankable PPP projects, worth about USD 22 Billion, very soon.

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“As at May 2022, there are 77 post-contract PPP projects under implementation at the ICRC Projects Disclosure Portal (www.ppp.icrc.gov.ng or www.icrc.gov.ng). The portal is the first disclosure portal in the world, established in collaboration with the World Bank.”

Also speaking to newsmen at the summit, the executive director mainstream energy solutions limited, Atinuke Taiwo said there is a huge deficit of infrastructural development in Africa and one of the ways to fill those deficit is through public private partnership.

Taiwo said with the public private partnerships, government is able to achieve a whole lot more to close that infrastructural development gap.

When asked if there has been an improvement in the aspect of delayed infrastructural projects within the governmental sector, she said:

“I think government is doing its own to bridge and remove some of those obstacles that has been challenges to private sector development.

“They are trying their best to ensure that bottle-neck as regards to regulation and policies are removed and we are hoping that as they work through some of these policy and regulatory issues, they will free up and open up more private sector investment and allow for enough liquidity and long term investments to come into Nigeria and the African continent.”

As gathered by our Legit.ng regional reporter who was present at the summit, a series of other African nations were also in attendance while others followed virtually.

Source: Legit.ng

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