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The Federal Government has approved a National Policy on Public-Private Partnership (PPP) to complement the Infrastructure Concession Regulatory Commission (ICRC) Act of 2005, to provide the legislative, regulatory and institutional framework for Public-Private Partnerships to thrive.
| FG approves national policy on PPP |
Nov 15, 2012, 12:54
President Goodluck Ebele Jonathan, who was represented by Vice President Mohammed Namadi Sambo, made this position known while declaring open the fourth Annual African Public-Private Partnership Conference, at the Transcorp Hilton Hotel, Abuja on Thursday, November 15.
He stated that, the Federal Government of Nigeria is firmly committed to the promotion of PPP as a viable business model, pointing out that, his administration’s Transformation Agenda places a high premium on public-private partnership for the rapid modernisation and expansion of the nation’s infrastructure.
“Our goal has been to work with the private sector to close the capital investment and financing gaps that continue to encumber our determined efforts to meet the growing infrastructure needs of our people,” he said.
“Overall we are creating an enabling environment for the operation of an efficient and effective private sector economy,” he added.
Commending the initiative of the event he expressed the desire that the Annual African PPP conference will evolve into a platform for governments to address the continent’s infrastructure deficit and showcase her investment potentials to the outside world.
Speaking earlier, the Minister of State Finance, Dr. Yerima Ngama, who represented the Minister of Finance, Dr. Ngozi Okonjo-Iweala explained that in Nigeria, statistics indicate that government’s contribution amounts to 1/8th of the country’s Gross Domestic Product (GDP) while the private sector has 7/8th of the resources, though mostly informal.
While stating that most countries that developed depended on the private sector and not on government alone, Ngama promised that together with the ICRC the present administration is committed to creating the enabling environment for the Public-Private Partnership to work.
Present at the Conference were the former Head of Interim Government of Nigeria and the current Chairman ICRC, Chief Ernest Shonekan, Mr. Tim Turner, Director, Private Sector Operations, African Development Bank, Ministers from other African countries, key decision makers in the industry amongst others.
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