Public-Private Partnerships (PPPs) have the potential to significantly drive economic growth when effectively managed. However, experts emphasize that proper regulation is essential for ensuring efficiency in these arrangements. Recently, the Federal Government mandated that all PPP agreements comply with the Infrastructure Concession Regulatory Commission (ICRC) Act and its associated guidelines. This directive requires all Ministries, Departments, and Agencies (MDAs) to align their 2025 budget proposals with the National Policy on PPP (N4P) as well as the ICRC Act of 2005 regarding PPP arrangements. The government has instructed all MDAs to ensure their budget proposals are in accordance with the provisions set out in the ICRC Establishment Act of 2005, particularly in relation to PPPs. The directive states, “Signing Memoranda of Understanding (MoU), Memoranda of Association, or contracts concerning PPPs without adhering to the ICRC Act constitutes a breach of the law.” According to the ICRC Act, “From the beginning of this Act, any Federal Government Ministry, Agency, Corporation, or any other entity involved in financing, constructing, operating, or maintaining infrastructure, by whatever term used, may enter into a contract or grant a concession to a duly pre-qualified project proponent in the private sector. This applies to financially viable infrastructure projects or any Federal Government development facility, in accordance with this Act.” The Act covers investment and development projects related to any infrastructure belonging to Federal Government Ministries, Agencies, Corporations, or bodies. Every Federal Government entity is required to prioritize its infrastructure projects, with selected priority projects being eligible for concession under this Act. These projects must be submitted to the Federal Executive Council for approval based on the recommendation of the relevant Sector, Ministry, or Agency before any contracts are signed. When entering into any contracts or granting concessions, it is essential that the Federal Government Ministry, Agency, Corporation, or body ensures that the project proponent possesses the necessary financial capabilities, relevant expertise, and experience in infrastructure development or maintenance. Stakeholders believe that maximizing the benefits of PPPs hinges on adhering to all required regulatory frameworks, with the ICRC committed to maintaining this course. Dr. Jobson Oseodion Ewalefoh, who took office as Director-General of the ICRC in July, pledged to streamline the processes necessary for delivering PPP projects. His aim is to accelerate infrastructure development, address existing gaps, and stimulate economic growth. He made these remarks at a strategic retreat in Uyo, Akwa Ibom, where he outlined a six-point policy direction for his tenure at the ICRC.

Ewalefoh’s priorities—Innovative Financing, Service Delivery Optimization, Project Categorization, Timely Project Delivery, Inter-Agency Collaboration, and Strategic Partnerships—reflect a comprehensive approach to addressing Nigeria’s infrastructure gaps. By focusing on these areas, he aims to enhance not only the development of new infrastructure but also the optimization of existing facilities, which can drive significant impacts on economic growth. Moreover, Ewalefoh is engaging with potential investors to discuss the safety and profitability of investments in Nigeria, along with clear timelines for project delivery. This proactive stance is crucial for attracting the necessary capital to revitalize the country’s infrastructure, as highlighted in the Nigerian Integrated Infrastructure Masterplan (NIIMP). As the ICRC moves forward, it is committed to evaluating existing PPP projects to ensure they are performing optimally and creating win-win scenarios for both private investors and the government. This evaluation process, alongside project categorization, will enable the commission to identify bottlenecks and resolve any encumbrances that could hinder project execution. In conclusion, a constructive approach to PPPs, driven by effective regulation and collaboration between public and private sectors, can significantly enhance Nigeria’s infrastructure capabilities and stimulate sustained economic growth. The commitment and leadership of key figures like Dr. Ewalefoh will be vital in achieving these objectives and ensuring that PPPs are leveraged to their full potential across all sectors