Director General, Infrastructure Concession and Regulatory Commission, ICRC, Mr. Aminu Diko, has explained the urgent need for foreign capital and expertise to supplement resources needed to bridge its infrastructure gap to sustain the nation’s economy.
Diko, who stated this in Abuja at the fourth quarter PPP unit forum organised by ICRC to provide a knowledge and experience sharing platform for heads of PPP in federal agencies, said “We also have a huge infrastructure deficit for which we require foreign capital and expertise to supplement whatever resources we can marshal at home.
“It is my sincere hope that this forum will continue to build capacity and promote best practices that can deliver sustainable and successful PPP projects that will actualise the Nigeria of our dreams,” he said.
Diko, who was represented by the coordinator special projects, ICRC, Mr Emmanuel Onwodi, said achieving this would also mean engaging private partners from other countries as well as Nigeria so as to improve expertise.
He said the realisation that government alone could not attain the level of infrastructure development that would bring about industrialisation birthed PPP arrangement in the country.
“Nigeria is now in a situation where it obviously has to diversify its economy to step up its industrial production capacity and offer profitable services to the rest of the world,” he said.
Also speaking, the Managing Director, United Capital, Mr. Wale Shonibare, said high political support was important for PPP to work in the country.
“It is important that a fair contract that benefits both government and the private sector is signed for any project to ensure continuity. Also, contractors should learn to borrow funds locally so that they won’t be exposed to exchange rate volatility, which could affect the quality and time frame of a project.

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