The Infrastructure Concession Regulatory Commission (ICRC) has revealed that the concession of assets in Nigeria will generate approximately N185.2 billion in revenue for the federation account in 2023. This positive forecast was disclosed by the Director General of ICRC, Michael Ohiani, in the commission’s recent second-quarter bulletin.
According to Ohiani, these concession projects will attract billions of dollars in private sector investments, amounting to N10.8 trillion. This will play a crucial role in addressing Nigeria’s infrastructure deficit and contribute significantly to economic growth.
The commission emphasized that public-private partnerships (PPP) are not only essential in closing the infrastructure gaps but also vital for job creation and economic expansion at both the state and federal levels.
During the review period, the commission issued 27 compliance certificates to different ministries, agencies, and departments, aiming to bridge Nigeria’s infrastructural gap.
Part of the bulletin read, “In the second quarter of 2023, these approvals brought the total number of PPP projects approved by the Federal Executive Council (FEC) since the commission’s inception to 103. The PPP projects will attract investments of N10.8 trillion ($23 billion) in private sector funds for infrastructure development in Nigeria. These investments are expected to yield a revenue of N185.2 billion to the Federal Government of Nigeria in 2023 alone.”
By harnessing the potential of asset concessions and fostering strategic partnerships, Nigeria is poised to bridge its infrastructure deficit, stimulate economic growth, and create employment opportunities. The revenue generated from these concessions will contribute significantly to the country’s development and welfare.
