Abuja: Development Financial Institutions have commended the Nigerian Government for its commitment to infrastructure development through Public Private Partnerships (PPPs), calling for more collaboration from the private sector. They made the call during the Nigeria Public Private Partnership (PPP) Summit hosted by the Infrastructure Concession Regulatory Commission (ICRC) in Abuja.
According to News Agency of Nigeria, the two-day summit was themed ‘Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda.’ Dr Dahlia Khalifa, the Director for Central and Anglophone West Africa at the International Finance Corporation (IFC), acknowledged the Nigerian government’s efforts in creating a transparent business environment. Khalifa noted that recent updates to PPP guidelines by the ICRC and the publication of a transparent project pipeline are significant steps toward attracting investment.
Khalifa emphasized the importance of reducing bureaucratic hurdles and accelerating project timelines. She stated that these actions would enhance competition, improve performance, and boost investor confidence, ultimately unlocking new investment flows. Khalifa also highlighted the need for Nigeria to strengthen its institutional and regulatory framework to fully realize the potential of PPPs, focusing on transparency and efficiency.
The IFC, she said, is partnering with Nigeria by providing advisory services and investments to deliver viable projects. Khalifa discussed the Asset Monetisation Programme aimed at transforming underutilized state assets into economic growth drivers. She also mentioned ongoing discussions with the Ministry of Budget and Economic Planning to align PPP projects with the National Integrated Infrastructure Master Plan, which envisions up to $2.3 trillion in projects by 2043.
Mr Zitto Alfayo, Director and Head of Project Preparation at Afreximbank, praised President Bola Tinubu’s administration for market reforms that have made Nigeria an attractive investment destination. Alfayo called on Development Financial Institutions to complement the government’s efforts by providing a full range of products and services to attract much-needed investments into Nigeria.
Afreximbank has disbursed $50 million in Nigeria, catalyzing investments in sectors such as energy, transport, manufacturing, healthcare, and financial services. Alfayo highlighted several PPP projects undertaken in Nigeria, including the African Medical Centre of Excellence and the African Quality Assurance Centre in Lagos.
Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialisation at the African Development Bank (AfDB), stressed the importance of collaboration to address the infrastructure financing gap, estimated at $70 to $110 billion annually. Quaynor noted that well-designed PPP contracts are essential for long-term success across different political administrations.
He pointed to several PPP projects being implemented by the AfDB in Nigeria, including the Lagos-Abidjan corridor, Lekki Toll Road, Metro Rail, and bus rapid transport system in Lagos, as well as industrial parks across 28 states. Quaynor also mentioned efforts to harness private capital from pension funds, life insurance investment pools, and other savings pools, highlighting that the AfDB and the Nigeria Sovereign Investment Authority have mobilized about $500 million equivalent in Naira for funding infrastructure bonds in Nigeria.