The Infrastructure Concession Regulatory Commission (ICRC) has said that 103 Public- Private Partnership (PPP) projects approved by the federal government will generate about N11 trillion.
The Director General of ICRC, Mr Michael Ohiani, disclosed this in a congratulatory message to President Asiwaju Ahmed Bola Tinubu.
He said, “From the inception of ICRC in 2010 to date, following our regulatory guidance in line with extant rules and subsequent issuance of Full Business Case (FBC) compliance certificates, a total of 103 PPP projects have been approved by the Federal Executive Council (FEC). These projects will bring in private capital investment of almost NGN11trn (approximately $24bn).
“Out of the 103 projects, 94 approvals worth almost N9trn (about $19.5bn) were granted in the last eight years under the administration of former President Muhammadu Buhari.”
The DG noted that in line with the ICRC Act, 2005, the commission published in 2022 a list of 53 eligible PPP projects worth $23bn in the pipelines of projects sequel to their certification as both viable and bankable to be undertaken using PPPs. In addition, the commission has issued Outline Business Case (OBC) compliance certificates for 174 projects to proceed for procurement. Many of the projects are at different stages of procurement. These projects cut across various sectors including, but not limited to transportation, health, education, aviation, agriculture and water.
Mr Ohiani explained that some of the notable projects approved in the last eight years included the development of hydroelectric power from existing small and medium dams across the country: the Bakolori Dam (Zamfara), Ikere Gorge Dam (Oyo), Omi-Kampe Dam (Kogi) and Zobe and Jibiya dams (Katsina). These are valued at over N1.5bn. Others include the operation and management concession of the 700MW Zungeru Hydroelectric Power Plant at N552bn; the 360 MW Gurara 2 Multipurpose Dam at N516.6bn; the 40MW Kashimbila Hydro Power Dam at N7.68bn.