BEVERLY HILLS, September 22, (THEWILL) – The Vice President, Prof. Yemi Osinbajo on Friday identified Public Private Partnership, PPP, as key to addressing the infrastructural deficit in the country.
This was as he disclosed that the Infrastructure Concession Regulatory Commission, ICRC, has so far attracted N3.7trillion private capital for its ongoing 51 projects located in different parts of the country.
The Vice President stated this at the official launch of the World Bank and ICRC Public Private Partnership, PPP, website, which is a dedicated portal for the disclosure of all the PPP contracts information in the country.
Osinbajo stated that the portal, which is a collaboration between the ICRC and the World Bank, would accelerate infrastructural development in the country.
Represented by the Minister of State for Power and Housing, Suleiman Hassan, he said: “Under the World Bank Project disclosure initiative, Nigeria would be the first country in the world to launch PPP website disclosure portal.
“This would allow the public easier access to key information on government business in line with transparency and accountability thrust of the Buhari administration.”
While disclosing how PPP will address the massive infrastructural deficit, the Vice President said, “the private sector would play a critical role in providing the basic infrastructure under the PPP arrangement, partnering closely with the government. Leveraging private capital to ensure efficient delivery of infrastructure via PPP.
“If Nigeria must experience the best economic boost and play in global economic league, the government must create a needed framework that drives PPP venture and the government is determined to do that,” he assured.
Speaking earlier, the Senior Director, Infrastructure, PPPs and Guarantees, World Bank Group, Laurence Carter, said the initiative would ensure clarity in institutional roles and responsibilities between the government and the private sector, while also increasing the bankable appeal of various projects on targets.
He stated that the portal would ensure transparency and accountability in Bureau for Public Procurement, BPP, projects, while removing all speculation, and ensuring that private sector responds to the financing gaps.
On his part, the Director-General of the ICRC, Chidi Izuwa, assured that the commission is determined to ensure it explores all key avenues in addressing infrastructural deficit concerns in Nigeria, which would open the door for economic prosperity.
“This initiative would disclose key information on the portal and every Nigerian could ask questions as a contract administrator in the projects and could hold government accountable in line with World Bank’s and global practices.
“There are standard templates in the portal, which would be closely monitored by Nigerians. The portal would disclose the key information so that every body could follow from procurement, development and implementations of each step of every projects.
“What we actually needs is to attract bankable projects with the right kind of capital that we need,” he added.
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