The Infrastructure Concession Regulatory Commission (ICRC) has said that through its regulatory guidance, a total of 103 full business certificates (FBCs) have been issued for Public Private Partnership projects by the Federal Executive Council since the inception of the Commission in 2010.
The Director General of ICRC, Michael Ohiani, who disclosed this on Monday in Abuja said the projects will bring in total private capital investment of N11 trillion.
According to Ohiani in a congratulatory message President Bola Ahmed Tinubu and Vice President Kassim Shettima, on their inauguration, insisted that following his antecedent as governor of Lagos State, his administration will engender development in Nigeria’s critical infrastructure.
He said: “The Management and Staff of the Infrastructure Concession Regulatory Commission (ICRC) heartily congratulate H.E. Sen. Bola Ahmed Tinubu, and H.E. Kashim Shettima, on their inauguration as 7th democratically elected President and Vice President respectively, of the Federal Republic of Nigeria.
“Your victory at the polls demonstrates your determination to take Nigeria to greater heights; which is a victory for democracy, for Nigeria and for the continuation of infrastructure development in Nigeria.
“Mr President, going by your antecedents as governor of Lagos State, we recall how you revolutionised the infrastructure stock in the state; conceptualised the Lekki Free Trade Zone which now showcases the Lekki Deep Sea Port, the Dangote Refinery and many other world-class infrastructure facilities. We are confident that the infrastructure development fortunes of Nigeria will be further transformed in your administration.
“It is now evident that in view of the need to upscale the national infrastructure stock and bridge the wide gap in the midst of dwindling government revenue, Public Private Partnerships (PPP) have become the globally tested and accepted way to go.”
Giving further breakdown of the projects, Ohiani said out of the 103 projects, 94 approvals worth almost N9 trillion were granted in the last 8 years under the administration of President Muhammadu Buhari.
“In line with the ICRC Act, 2005; the Commission published in 2022 a list of 53 eligible PPP projects worth USD 23 billion in the pipelines of projects, sequel to their certification as both viable and bankable to be undertaken using PPPs.
“In addition, the Commission has issued Outline Business Case (OBC) compliance certificates for 174 projects to proceed for procurement. Many of these projects are at different stages of procurement. These projects cut across various sectors including but not limited to transportation, health, education, aviation, agriculture, water,” he said.
Listing some of the projects approved in the last 8 years, the ICRC helmsman, said hydroelectric power has been developed from existing Small and Medium dams across the Country at Bakolori Dam (Zamfara State), Ikere Gorge Dam (Oyo state), Omi – Kampe Dam (Kogi state) and Zobe Dam and Jibiya Dams (Katsina State). This it said is valued at over N1.5 billion. Other projects, the statement stated includes operation and management concession of the 700 MW Zungeru Hydroelectric Power Plant at N552 billion; the 360 MW Gurara 2 Multipurpose Dam Project at N516.6 Billion; the 40 MW Kashimbila HydroPower Dam at (HPP) Project at N7.68 billion.
“In the transportation sector, the following were approved the Abuja-Baro-Itakpe-AjaokutaWarri Railway Line (269.12km) with branch and extension lines to Jakura-Lokoja (41km) and Agbarho-Warri (5km) at N3.2 billion; Design, Development, Deployment and Management of a Secure Automated Fare Collection (AFC) Solution for the Nigerian Railway Corporation (NRC) Rail Network at NGN900 Million; Development of Port Harcourt Railway Industrial Park, Rivers State equipped with rolling stock assembly, Oil and Gas materials supply Industrial Park, Textile Industrial Park as well as Light Industry Park for Fast Moving Commodities and Goods at N133 billion; Development of Bonny Deep Sea Port at N253 billion; Ibom Deep Sea Port Project in Akwa Ibom State. N927.5 billion; Onitsha River Port project at N3.9 billion; The Development of Deep-Sea Port in Badagry, Lagos at N1.28 Trillion; The Construction and Maintenance of 12 corridors under a highway development and management initiative (HDMI),” the Commission stated.
The ICRC boss assured that the Commission would continue to play its role in necessary pre and post contract regulatory guidance at the federal level, as well as work with the sub-national bodies to lift our country’s infrastructure to globally accepted levels.