The Nation News report that, The Federal Government of Nigeria has recognized the potential of Public-Private Partnerships (PPPs) in accelerating infrastructure development and enhancing food security, and has consequently embraced this approach as a key tool for socio-economic development. According to the Secretary to the Government of the Federation, George Akume, PPPs will play a crucial role in addressing the various challenges facing the country, including climate change, dwindling revenue, security issues, and food security concerns.
The government's commitment to PPPs is evident in the approval of 103 projects worth N20 trillion between 2010 and 2023, with 95 post-contract projects at different stages of implementation and 152 pre-contract projects at different development and procurement stages. This demonstrates a significant investment in infrastructure development, which is critical for economic growth and development.
The Niger State Government has also recognized the benefits of PPPs, with 95% of its projects being PPP-based. The state government has engaged with private investors to develop infrastructure, particularly in the agriculture sector, which is critical for food security and economic growth. The Infrastructure Concession Regulatory Commission (ICRC) has issued 199 Outline Business Compliance Certificates and 116 Full Business Case Compliance Certificates to different MDAs, confirming viability and bankability.
The adoption of PPPs is expected to bring about numerous benefits, including improved infrastructure development, enhanced food security, and economic growth. This approach will also help to reduce the strain on government finances, as private sector partners will share the financial burden of infrastructure development. Overall, the Federal Government's embrace of PPPs is a positive development for Nigeria's socio-economic development.
Photo Credit:The Nation News