Breaking News

Thursday, 3 December 2015

Nigeria needs foreign capital to support resources – Infrastructure Commission head

As a response to Nigeria’s huge infrastructure deficit, the Director-General, Infrastructure Concession and Regulatory Commission (ICRC), Mr. Aminu Diko, said on Wednesday that the country urgently needs an infusion of foreign capital and expertise to harness its resources.

Diko, represented by the Coordinator, Special Projects, ICRC, Mr. Emmanuel Onwodi, said this in Abuja at the fourth quarter Public Private Partnership (PPP) unit forum.

The PPP unit forum is organised by ICRC every quarter to provide a knowledge and experience sharing platform for heads of PPPs in federal agencies.

“We have a huge 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 that will actualise the Nigeria of our dreams,” Onwodi said.

According to Diko, achieving this would also mean engaging private partners from other countries as well as Nigeria so as to improve expertise.

He said the realization that government alone could not attain the level of infrastructure development that would bring about industrialisation birthed the PPP arrangement 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,” he said.

Also speaking, the Managing Director, United Capital, Mr Wale Shonibare, said that high political support was important for PPP to work 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.

No comments:

Post a Comment