By Aaior K. Comfort
The Infrastructure Concession Regulatory Commission (ICRC) has announced plans to address Public Private Partnership (PPP) projects that have remained stagnant for over a year after receiving Federal Executive Council approval. This initiative was disclosed in a statement by Ifeanyi Nwoko, the Acting Head of Media and Publicity for the ICRC, during a courtesy visit to Minister of Marine and Blue Economy, Adegboyega Oyetola.
ICRC Director-General Dr. Jobson Ewalefoh emphasized the importance of reviewing these delayed projects to prevent unqualified contractors from hindering progress, especially when capable investors are prepared to collaborate with the government. He pointed out that some of these pioneering PPP projects have been pending since 2006 and fall under the ministry’s jurisdiction.
Ewalefoh highlighted the need to identify the challenges affecting PPP projects within the ministry and to address issues hindering both approved and upcoming initiatives. He underscored the maritime sector’s crucial role in national development and economic growth.
To expedite project delivery, the ICRC has streamlined its processes, ensuring that they align with current demands and challenges, in accordance with President Bola Tinubu’s directive to leverage Public Private Partnerships for infrastructure development. Ewalefoh stressed the aim of achieving faster project completion without compromising quality or violating legal frameworks.
As part of their efforts, the ICRC is also working to optimize existing projects for greater efficiency. The commission has introduced Conditions Precedent with specific timelines for achieving financial closure, ensuring that private partners remain committed to delivering results post-execution. Contracts will automatically terminate if financial closure is not achieved within the agreed timeline, protecting the government from past mistakes and preventing it from being held hostage by non-compliant partners.
Ewalefoh urged Minister Oyetola to collaborate with the ICRC in re-evaluating all PPP projects that have seen no significant progress for over a year. In response, Oyetola acknowledged the challenges faced by many stalled projects, attributing them to the private parties’ inability to secure financing due to a lack of capacity. He noted that discussions with project proponents indicated that access to financing was the primary barrier to advancing these initiatives.