October 1, 2023
CONGRATULATORY MESSAGE TO TO HIS EXCELLENCY PRESIDENT BOLA AHMED TINUBU, GCFR HIS EXCELLENCY VICE PRESIDENT KASHIM SHETTIMA, GCON AND THE GOOD PEOPE OF THE FEDERAL REPUBLIC OF NIGERIA; ON THE 63RD INDEPENDENCE ANNIVERSSARY OF THE FEDERAL REPUBLIC OF NIGERIA
The Management and Staff of the Infrastructure Concession Regulatory Commission (ICRC) heartily congratulate H.E. President Bola Ahmed Tinubu, GCFR, H.E. Vice President Kashim Shettima, GCON and the good people of the Federal Republic of Nigeria on the celebration of the nation’s 63rd Independence Anniversary.
At 63, Nigeria has indeed come a long way: with 24 years of uninterrupted democracy and the coming of a new administration led by President Bola Tinubu and a promise of renewed hope, the nation is set for greatness.
As anticipated, the new administration has already begun to look to Public Private Partnerships (PPPs) to deliver on the much needed infrastructure development, the Commission is poised to provide the requisite regulations that will ensure that such ventures contribute greatly to bridging the infrastructure deficit in the country.
Indeed we have recorded great milestones in the last 15 years: Under the regulatory guidance of the commission, the Federal Executive Council (FEC) has approved 103 PPP projects from the inception of the commission till date.
These projects which cut across different sectors of the economy will bring in private capital investment of NGN10.8 Trillion. Already, some of these projects have been completed and now running, while others are at various levels of execution.
These investments also translate to a revenue expectation of N185.2 billion to the Federal Government of Nigeria in 2023 alone.
While it is gratifying to note that as exemplified above, PPPs can serve as a vehicle to complement government effort to bridge the infrastructure gap, it is worthy of note that this can only be attained with sustained effort, the regulatory guidance of the Commission and the support of the good people of Nigeria..
The Commission in 2021 and 2022 published a pipeline of over 100 viable PPP projects that have been certified as bankable and could undergo the process of procuring a preferred private sector investor to undertake the project.
As mentioned above the current administration has alluded that it will employ PPP in delivering some of its already identified infrastructure projects. This is indeed commendable as PPP is the model adopted by many countries in the World to meet their infrastructure needs.
On our part at the Commission, we remain committed to ensuring that we provide the needed regulation to support the current administration in its bid to further bridge the nation’s infrastructure deficit.
Happy 63rd Independence Anniversary Celebration
God Bless the Federal Republic of Nigeria.
J.A. Michael Ohiani
Infrastructure Concession Regulatory Commission