Infrastructure Concession Regulatory Commission Board inaugurated
By
Nov 27, 2008, 16:37

In furtherance of his efforts at actualizing vision 2020 through the seven point agenda, President Umaru Musa Yar’Adua on November 27 in Abuja, inaugurated the board of the Infrastructures Concession Regulatory Commission (ICRC), which is a major plank in operationalising the process of private sector participation in infrastructure finance in the country.

The President noted “Global demand for basic infrastructure services has grown over the years, quickly outstripping the supply capacity of existing assets. Nigeria’s experience is that huge infrastructure deficit has greatly constrained economic growth and development, thus inhibiting our ability to improve the quality of life as envisaged in the Seven- Point Agenda.”

According to him, the nation requires massive investments in infrastructures, which is beyond the means available to government therefore making the Private Sector capital an effective recourse. He stated that government’s expectation is that private participation in infrastructure development will enhance efficiency, broaden access, and improve quality of services.

Click for the President’s speech,

He noted that given government’s budgetary constraints against amount of resources needed to rebuild, maintain, upgrade, and expand our critical infrastructure, the concession programme is expected to leverage effectively on private capital. This would necessarily involve the requisite upgrade of government’s regulatory and monitoring roles.

The President urged the Commission to epitomize best practices in Public Private Partnership (PPP), and be a beacon for sub-national entities to take their bearings from.
In accordance with the ICRC Act, President Yar’Adua listed his expectation from the Commission to include,

• Develop and issue guidelines on PPP policies, processes and procedures;

• Work closely with relevant MDAs to identify potential PPP projects and take a lead role in the development and procurement processes that will enable the participation of the private sector in line with international best practices;

• Act as the interface with the private sector to promote communication on national PPP policies and programmes;

• Collaborate with State Governments to promote an orderly and harmonized framework for development of infrastructure, and accelerate market development for PPP projects.

He assured the investor community of the legality and enforceability of concessions consummated in accordance with ICRC Act.

The 12-member Board of the Commission are Chief Ernest Shonekan (Chairman), Hakeem Sanusi , Mansur Ahmed, Bernard Verr, Clement Owunna, Comfort Saro-Wiwa, Joe Kyari Gadzama, Aisha Madaki, Secretary to the Federal Government (SGF), Attorney General of the Federation & Minister of Justice, Minister of Finance and the Governor of the Central Bank of Nigeria.

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