Abuja – Mr Aminu Diko, the Director-General, Infrastructure Concession and Regulatory Commission (ICRC), has called for more Public Private Partnership (PPP) to develop the much needed infrastructure in the country.
Diko, who was represented by Mr Emmanuel Onwodi, ICRC, made the call on Thursday in Abuja at the 4th Quarter PPP Unit Forum.
The News Agency of Nigeria (NAN) reports that the PPP unit forum is organised by ICRC every quarter to provide a knowledge and experience sharing platform for heads of PPP in federal agencies.
He said that the realisation that government alone could not attain the level of infrastructure development that would bring about Industralisation gave birth to PPP 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.
“We also have a hug 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 to actualise the Nigeria of our dream,” he said.
Diko said that achieving such dream would mean engaging private partners from other countries to join their Nigerian counterparts for improved expertise.
Mr Wale Shonibare, the Managing Director, United Capital, who spoke on ‘’PPP International Best Practices and Lessons for Nigeria’’ at the occasion, called for high political support for PPP.
He said that this became necessary to ensure the success of PPP in the country.
“It is important that a fair contract that benefits both government and the private sector is signed for any project so as 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.
“To this effect, the Nigerian Stock Exchange must be developed and Pension funds realised for long term developmental projects,” he said.
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Shonibare advised the government to also establish a law that would guide proper execution of PPP in the country. (NAN)