From Isaac Anumihe, Abuja
The Director General and Chief Executive Officer of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, has revealed that Nigeria has an annual investment requirement of $100 billion, with public spending covering less than 30 per cent of the need.
Ewalefoh also noted that traditional procurement models and dwindling budgets are no longer enough, regretting that despite Nigeria’s abundant resources, there is a staggering $2.3 trillion infrastructure deficit.
These infrastructure sectors include transport, energy, information, communication and technology (ICT), agriculture, aviation and housing.
Speaking at the infrastructure dialogue organised by DPH in Abuja, Ewalefoh stated that for Nigeria to bridge the gap, the mobilisation of private capital is not just an option — it is an absolute necessity.
“To bridge this substantial financing gap, Nigeria has strategically embraced Public-Private Partnerships (PPPs), which represent a pragmatic alternative to conventional procurement models. The objective is to enable the government to leverage private capital, technical expertise, and innovation to deliver essential public services.
“They are not merely financing tools – they are powerful catalysts for infrastructure renewal, economic growth, and poverty alleviation.
“As the regulator overseeing Public-Private Partnerships (PPPs) in Nigeria, we commend the 2026 edition’s focus on shifting from diagnosis to execution. By examining how Development Finance Institutions (DFIs) can de-risk projects and how capital market instruments — such as Sukuk, green bonds, and pension assets — can be effectively structured, this dialogue tackles the critical challenge of securing long-term, affordable financing,” he noted.
According to Ewalefoh, in August last year, ICRC issued updated PPP guidelines designed to improve the investment climate, accelerate infrastructure delivery, enhance transparency, and attract private capital.
“A key reform was the decentralisation of project approval powers: ministries can now approve projects up to ₦20 billion, while agencies and parastatals may approve up to ₦10 billion. Projects exceeding these thresholds, or involving multiple agencies, remain subject to Federal Executive Council (FEC) approval,” he said.
Earlier, the President of the Abuja Chamber of Commerce and Industry, Dr Emeka Obegolu, said that infrastructure remains the foundation of every thriving economy. For him, whether in transportation, energy, agriculture, housing, water systems, or digital connectivity, infrastructure directly influences productivity, investment, industrial growth, and the quality of life of citizens.
“For Nigeria, the need for modern and resilient infrastructure has become increasingly urgent. However, beyond identifying infrastructure gaps, the greater challenge today lies in financing — how to mobilise adequate, long-term, and sustainable capital to support infrastructure development at the scale required for national growth,” he explained.
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