The Federal Government in its drive to ensure transparency in the public-private partnership model it is deploying to finance critical infrastructure projects, is set to launch the first of its kind contract disclosure portal on Friday September 22nd, 2017.
This will be performed by the Vice-President Prof. Yemi Osinbajo (SAN) who is also the Chairman of the National Council of Privatization for Nigeria.
Acting Director-General for the Infrastructure Concession Regulatory Commission Engr. Chidi K.C Izuwah disclosed this at the 2017 financial correspondents association of Nigeria annual conference, in Lagos.
Engr Izuwah who was speaking on “Facilitating Infrastructure Financing in Nigeria” said the launch of the portal, demonstrates the political will of the Buhari administration to attracting private capital investments into the country.
According to him “Nigeria needs to attract private capital investments for its infrastructure. At the moment the Government is only spending about 10% of its GDP on financing”.
The ICRC boss said there is about $123trl worth of global private capital in the globe, looking for viable and bankable projects to finance.
He noted that private capital investments remain attracted to climes that provide legal protection of investors and guarantees.
Looking at infrastructure financing in Nigeria, Engr. Izuwah asserted that Africa’s most populous nation required $100bl annually to finance its infrastructure deficit.
Speaking further he said the government was working assiduously to clear outstanding legacy issues, to ensure a seamless and robust framework that supports investments in the economy.
The planned launch of the ICRC PPP (Public-Private Partnership) Contracts disclosure portal is part of the reforms by the Federal Government, to create an enabling environment for investments into the nation’s economy.