The Director General of Infrastructure Concession Regulatory Commission (ICRC), Aminu Dikko, has disclosed that the federal government is currently shopping for about$2 trillion (N398.1 trillion) for infrastructure development over the next three decades.
Speaking at the PPP Review Forum organised by an international Non Governmental Organisation (NGO), Centre for Ethics and Sustainable Development (CESD), in Lagos, he said the 30-year infrastructure development roadmap, known as the Integrated Infrastructure Master Plan (NIIMP), may collapse if the facility is not secured as soon as possible.
However, experts at the forum called for a review and redefinition of the laws guiding Public Private Partnership (PPP) operations in Nigeria, to address the efficiency of the policy.
They argued further that if concerted efforts are not made, legal constraints may continue to pose risks, truncating efforts of PPP, which are basic to addressing the deficits.
The forum, which reviewed the legal framework for infrastructure delivery in Nigeria from the traditional and the PPP procurement models, identified major legal constraints to infrastructure delivery, and listed areas that would mitigate political risk, promote effective stakeholder management, encourage infrastructure investment, and foster gender and social inclusion.
Speakers included the Executive Director, CESD, Dr Olajumoke Akiode; Partner, J. O. Fabunmi & Co. and member Investment Climate Policy Commission of Nigeria, Olukayode Fabunmi; Associate Partner, Detail Commercial Solicitors, Seun Lofinmakin; Member, Nigeria Economic Summit Group (NESG), Agunbiade Fidel; and Senior Research Fellow, Nigerian Institute of Advanced Legal Studies, David Oluwagbami,
Giving insights on the performance of the ICRC, set up by the ICRC Act of 2005, pundits noted that the agency needs to raise it game in regulating PPP projects in Nigeria, stressing that time has come for the review of its legal framework as the duties are not clearly defined especially in relation to PPP projects.