By Obinna ChimaÂ
The Nigerian Economic Summit Group (NESG) and the Infrastructure Concession Regulatory Commission (ICRC) have signed a memorandum of understanding (MoU) to collaborate in enhancing the accelerated delivery of infrastructure in Nigeria through Public Private Partnerships (PPPs) and other forms of private sector participation in infrastructure delivery.Â
The signing of the MoU, according to a statement at the weekend,Â reflects the appreciation of the roles of the ICRC and the private sector in addressing Nigeriaâ€™s huge infrastructure deficit by creating an enabling environment to attract local and foreign private capital to infrastructure projects in the country.Â
The areas for collaboration between the parties shall include the convening of public-private dialogues on infrastructure and associated policy advocacy programmes. Both parties willÂ also work together on infrastructureÂ andÂ PPP policy analysis as well as strategy development, capacity building and the engagement of the government, private sector, and civil society on infrastructure, PPP issues and economic policies.Â
Commenting on the MoU,Â Â the CEO of the NESG,Mr. Laoye Jaiyeola said that the NESGÂ was delighted with the platform created by theÂ MoU for Nigeria’s private sector to work with the regulator of the PPP endeavours to catalyse PPPs inÂ theÂ Â country.
He added: â€œWe are optimistic that this platform will help create the framework for private capital to flow into infrastructure projects under the PPP model by analysing challengesÂ Â and advocating for the implementation of the required policy reforms.â€Â
The shortage of infrastructure such as roads, rail lines, ports, and electricity, is a major challenge impeding the growth and development of Nigeria.
Â According to the acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, Nigeria requires over $100 billion over the next 6 years to provide quality oil and gas, power, road and rail infrastructure.