Nigeria now stands as an investment destination and an investment haven for both local and foreign capital, the Director-General and Chief Executive Officer of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, has said.
Ewalefoh said recent reforms by the Federal Government had significantly improved the environment for private-sector participation in infrastructure development, positioning the country to attract the massive capital required to bridge its infrastructure deficit.
According to him, Nigeria’s infrastructure deficit is estimated at about $2.3 trillion, with the country requiring roughly $100 billion annually to close the gap by 2043.
He said the scale of the financing requirement made it impossible for government revenues and budgetary allocations alone to deliver the infrastructure Nigeria needs, stressing that Public-Private Partnerships (PPPs) must therefore remain central to the country’s development strategy.
Speaking on Nigeria’s infrastructure outlook, the ICRC boss said the administration of President Bola Ahmed Tinubu had demonstrated confidence in PPPs by respecting existing concession agreements and removing obstacles that had stalled several projects over the years.
“Nigeria today stands as an investment destination and indeed an investment haven, for both local and foreign capital,” Ewalefoh said.
He attributed the growing investor confidence to reforms aimed at removing some of the longstanding bottlenecks in the PPP process, particularly lengthy approval procedures.
Ewalefoh disclosed that the ICRC had reduced the time required to process Outline Business Cases from about six months to approximately seven days, provided the proposal is free of complications.
He said the Commission had also adopted a more direct approach to resolving issues between Ministries, Departments and Agencies (MDAs), project proponents and regulators, reducing unnecessary correspondence that previously caused delays.
The Commission has further issued guidelines to guide investors and project sponsors through the PPP process and unveiled the Nigeria Model PPP Agreement, which provides a standard framework for PPP contracts.
According to Ewalefoh, the reforms are designed to give investors greater certainty and clarity about the regulatory and contractual environment before committing capital.