• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria implements 173 concessions worth $9bn

Concessions

The Matters Press by The Matters Press
February 28, 2022
Reading Time: 2 mins read
0
Nigeria moves to review ICRC Act

Mr Micheal Ohiani, the Acting Director-General (D-G), Infrastructure Concession Regulatory Commission (ICRC), says the organisation has implemented 173 concessions worth nine billion dollars since its inception in 2008.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Ohiani said on Sunday in Abuja that ICRC has been able to issue 116 Outline Business Cases (OBC) certificates and 47 Full Business Case (FBC) certificates approved by the Federal Executive Council (FEC).

He, however, said that some of the challenges experienced over the years was the challenge of getting financing for long term projects.

“Our banks are used to short term financing facility, however, Debt Management Office (DMO) has recently come into the fray by providing infrastructure bond for most of these long term projects.

“So, if you do not have long term fund to finance the project, before you even start you are already going into default.

“In the sense that if you take short term loan to finance long term project, you will not be able to recoup the investment and start paying and there is a tendency for default.

“However, we are getting somewhere, we now have long term bonds.

“The financial institutions are also up to their responsibility, they now realise that you need to finance long term projects with long term fund. So I will say we are getting there.”

Ohiani said that another setback was the issue of project development and contract management.

He said that a project had to be properly structured and developed to attract investment, adding that Ministries, Departments and Agencies (MDAs) had over the years not been able to achieve that accurately.

The D-G, however, said that to make amends on that, the Ministry of Finance had made provision for project development in the budget line head.

As for contract management issues, he said it was not unexpected, taking into consideration that it was a recent development.

“However, the Nigerian Institute for Infrastructure and Public Private Partnership (PPP), which has been set up by ICRC is addressing that issue by providing capacity building to MDAs and other stakeholders.”

Speaking on the issue of policy somersaults and continuity of Federal Government projects, Ohiani said that for PPP projects that had never been a challenge.

This, he said, was because terminating a properly structured PPP project without following due process would amount to weighty consequences.

According to him, Section 11 of the ICRC Act provides that one can not arbitrarily terminate any PPP project without following due process.

NAN reports that the purpose of the OBC is to seek approval from the government for the preferred project and procurement options and to obtain funding if the project is not financially free standing.

It also contains justifications for the preferred project and procurement options and provides information regarding the expected value for money of the preferred project and procurement options.

Meanwhile, FBC is prepared for seeking approval prior to subsequent award of contract.

It reports on the conclusions of the Request for Proposal and set out the full scope and cost of the project.

The ICRC was established to regulate PPP endeavours of the Federal Government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Zenith Bank unveils N765.6bn gross earnings

Zenith Bank unveils N765.6bn gross earnings

Trading in Nigerian stock market dips further N83bn

Trading on NGX remains positive, ASI increases by 0.14%

Recommended Stories

November 4, 2021
BPP partners with World Bank on public procurement standard

Procurement process determines national development – BPP

October 17, 2023
Rwanda’s genocide kingpin arrested after 26 years on the run

Rwanda’s genocide kingpin arrested after 26 years on the run

May 16, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us