Connect with us

Business News

ICRC Gazettes 53 PPP Projects Worth $22bn for Investors

Published

on

Share

By Tony Obiechina, Abuja 

The Infrastructure Concession Regulatory Commission is set to gazette a total of 53 eligible and bankable Public Private Partnership projects, worth about $22bn for investors.

Already, the Commission has published 51 eligible and bankable PPP projects, worth over $17bn from different economic sectors which have been granted the Outline Business Case Compliance Certificates, but which did not have identified bidders.

The Director-General of ICRC, Mr Michael Ohiani made these disclosures at the Africa Public Private Partnership Network Investment summit with the theme: “Financing Africa’s infrastructure through Public Private Partnership”, in Abuja on Monday.

 

He told participants at the event that as of May 2022, there are 77 post-contract PPP projects under implementation at the ICRC Projects Disclosure Portal.

The portal is the first disclosure portal in the world, established by the ICRC in collaboration with the World Bank.

The ICRC DG pointed out that the Commission has about 197 pre-contract projects at different phases of project development and procurement.

Similarly, he said the agency since it was created has achieved a lot, noting for instance that between 2010 following the inauguration of its Governing Board and 2021, under the regulatory guidance of the ICRC, the federal government has approved PPP projects worth more than $9bn.

The ICRC Boss also disclosed that the agency has issued 128 Outline Business Case Compliance Certificates to date, stating that these projects have been certified bankable projects, to enable them proceed to procurement phase.

He said, “This Investment Summit is coming at a time when the continent is gradually coming out of the COVID 19 pandemic, which dealt series of blows to investment portfolios and decisions; as well implementation of on-going infrastructure service delivery projects.

“The Pandemic also affected the ability of governments to finance the much-needed public projects, with its attendant record of dwindling revenue.

“Our country was not spared from these challenges; however, there is the growing need to salvage our projects which are under implementation on one hand while developing bankable and viable PPP projects for investment on the other hand.

“The innovative structuring of PPP transactions through globally accepted competitive and transparent processes cannot be over-emphasized; especially as the initiative is in support of our 2021 to 2025 Mid-Term National Development Plan, which projects the use of private sector financing to achieve about 85 per cent of our N348.1trn Plan.”

He said as countries look towards infrastructure financing, the key in the 21st century is for governments to enhance the investment environment for national level investment for local and foreign investors, and look to innovative financing mechanisms that promote local capital markets, private sector risk, and rely on regulatory systems to balance investor and consumer requirements.

With fiscal and budgetary funding constraints plaguing governments across the continent, the ICRC DG told participants that private participation in infrastructure has become an economic necessity, rather than an optional financing solution, as hitherto considered.

“Partnership between the public and private sectors for the financing, design, build, maintenance of infrastructure and delivery of associated services is absolutely necessary for Africa governments to meet the need for modern and efficient infrastructure, and for reliable cost-effective delivery of public services.

“Governments all over the world, including the Africa continent, have come to recognize that the collaboration between public and private sectors is crucial to securing dependable and sustainable funding for infrastructure and reducing the pressure on fiscal budgets.

“PPP arrangements have engendered acceleration of infrastructure provision, faster implementation of projects, and reduced whole life costs of projects,” he added.

He expressed optimism that the Summit on financing Africa’s infrastructure through PPP would provide the unique opportunity to have the details, the direction, the options, and focus on infrastructure financing to boost the African economy.

In his keynote address at the event, the Secretary to the Government of the Federation, Mr Boss Mustapha, stated that Africa faces huge infrastructure gaps.

However, he pointed out that these infrastructure gaps also present huge opportunities for private investment through public-private partnerships, especially in sectors such as energy, housing, transportation, agriculture, technology, waste management, and social services and amenities.

According to him, the continent requires energy, transportation, and new satellite cities to accommodate millions of people moving from rural to urban areas.

He said, “The current economic growth pattern on the continent stresses the importance of private sector investment through PPP in promoting Africa’s growth and structural transformation.

“Hence, identifying the private sector development as an engine of sustainable structural transformation through PPPs is of critical importance to the continent.

“Indeed, to release the potential of Africa, there is the need to develop and imbibe a resilient and vibrant PPP framework as a means of facilitating rapid infrastructure transformation of the continent.”

To be able to stimulate and create a vibrant private sector on the continent and accelerate infrastructure development, the SGF stated that a number of issues must be addressed.

“There is definitely the need to create a welcoming investment climate. This can be achieved by reducing risks and costs of doing business and by securing private property rights, improving governance, fighting corruption, simplifying regulations, and promoting competition.

“African governments must also resist pressure to erect trade barriers for intra-African trade to flourish. Currently, intra-African trade amongst African states is about 10 per cent of total exports. This is the lowest amongst other regions in the world.

“But we strongly believe that with the initiative of the African Continental Free Trade Agreement the situation will drastically improve,” he added.

Mustapha said there is also the need for financial sector development by strengthening regulatory and institutional frameworks to improve governance and increase competition, improving access to finance and financial literacy, developing payment systems, and enhancing creditor rights.

In his goodwill message, the Director-General of the Nigerian Governors Forum (NGF), Mr Asishana Okauru, said the Public-Private Partnerships (PPPs) have shown that if properly structured, could be an effective infrastructure financing and delivery tool.

“In Nigeria, proactively we have already begun this process as the Nigeria Governors’ Forum in collaboration with the ICRC has established the Nigeria Public-Private Partnership Network to address the issues and bottlenecks towards Infrastructural development of strategic sectors of the subnational economy by public-private partnerships”, he stated.

He noted that the NGF believes that improving the capacity and resources of State governments to prepare PPP pipelines and bankable PPP projects, offers a sustainable long-term approach to improving social infrastructure, enhancing the value of public sector assets, and making better use of taxpayers’ money

Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

Published

on

Share

By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

Continue Reading

Business News

Tinubu Congratulates Dangote on World Bank Appointment

Published

on

Share

By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

Continue Reading

Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

Published

on

Share

By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

Continue Reading

Advertisement

Top Stories

NEWS10 hours ago

2027: Yona Donates APC Campaign Banner, Seeks Constituents Support

ShareBy Tambaya Julius, Abuja The Councillor representing Tattara/Kondoro Electoral Ward and Chief Whip of the Karu Legislative Council, Hon. Barr....

Foreign News20 hours ago

Pope Leo to Have Surgery after Lump Found on Lung

SharePope Leo XIV has announced he will be operated “in the coming days” after a nodule was found on his...

Metro20 hours ago

Motorists Express Worry over Non-access to NNPC Petrol Discount

ShareMany motorists said in spite of the discount in pump price of petrol at the Nigerian National Petroleum Company Ltd...

Health20 hours ago

Tuberculosis: Benue Assembly Passes Law, to Protect Patients from Discrimination

ShareBy Laide Akinboade, Abuja The Benue State House of Assembly has passed into law a landmark legislation aimed at eliminating...

NEWS20 hours ago

President Tinubu’s 30-Day Fuel “Discount” Cannot Repair the Damage of Subsidy Removal

ShareBy Daniel Nduka Okonkwo The Federal Government has issued a stark warning: restoring petrol subsidies could push the exchange rate...

DEFENCE20 hours ago

Troops Neutralize Explosive Devices planted in Zamfara Community

ShareFrom Ifeanyichukwu Nwannah, Gusau The troops of Operation Fansan Yamma (OPFY) have neutralised Explosive Devices Planted along Magami–Hannutara–Dansadau road, Maru,...

POLITICS20 hours ago

Mbah Reaffirms Enugu’s Commitment to Trade, Investment, Industrial Growth

ShareFrom Sylvia Udegbunam, Enugu Enugu State Governor, Dr. Peter Mbah, has reaffirmed his administration’s commitment to creating an enabling environment...

view point20 hours ago

Concerns About the 2027 General Elections

ShareBy Jibrin Ibrahim As the countdown to the 2027 elections reached 100 days this week Tuesday, Joash Amupitan, chairman of...

OPINION20 hours ago

World Bank Report Confirms Economic Reforms Yielding Results – Tinubu

SharePresident Bola Tinubu said the World Bank’s October 2026 Nigeria Development Update confirms his administration’s economic reforms are yielding results...

NEWS20 hours ago

Bandits Burn Houses, Business Premises in Niger Border Community

ShareFrom Dan Amasingha, Minna Suspected bandits have attacked Kigbera village in Konkoso Ward, Borgu Local Government Area of Niger State,...