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  •  Boss Mustapha the Secretary to the Government of the Federation SGF says there is the need to develop and imbibe a resilient Public Private Partnership PPP framework in Africa The SGF said this on Monday in Abuja at a two day Africa Public Private Partnership Network AP3N Investment programme with the theme Financing Africa s Infrastructure through PPP hellip
    Africa needs to develop vibrant, resilient PPP framework – SGF
     Boss Mustapha the Secretary to the Government of the Federation SGF says there is the need to develop and imbibe a resilient Public Private Partnership PPP framework in Africa The SGF said this on Monday in Abuja at a two day Africa Public Private Partnership Network AP3N Investment programme with the theme Financing Africa s Infrastructure through PPP hellip
    Africa needs to develop vibrant, resilient PPP framework – SGF
    Economy13 hours ago

    Africa needs to develop vibrant, resilient PPP framework – SGF

    Boss Mustapha, the Secretary to the Government of the Federation(SGF), says there is the need to develop and imbibe a resilient Public Private Partnership (PPP) framework in Africa.

    The SGF said this on Monday in Abuja, at a two-day Africa Public Private Partnership Network (AP3N) Investment programme, with the theme, “Financing Africa’s Infrastructure through PPP”.

    The programme was organised by the Infrastructure Concession Regulatory Commission (ICRC).

    Mustapha said that a resilient and vibrant PPP was necessary in order to facilitate rapid infrastructure transformation on the continent.

    He said the current economic growth pattern on the continent stressed 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,” he said.

    Mustapha, however, said that to stimulate and create a vibrant private sector on the continent and accelerate infrastructure development, some issues needed to be addressed.

    According to him, 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 among African states is about 10 per cent of total exports.

    “This is the lowest among 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 said there was the need for financial sector development by strengthening regulatory and institutional frameworks to improve governance and increase competition.

    “Also to improve access to finance and financial literacy, developing payment systems, and enhancing creditor rights, similarly, access to finance by the private sector is equally the very key.”

    The SGF said the Federal Government had continued to encourage and support strengthening of the framework for Public Private Partnership (PPP) policy in Nigeria.

    According to him, the current financial situation of Nigeria occasioned by the global COVID-19 pandemic and dwindling revenue has made the shift to PPPs more compelling than before.

    He, however, said the government would continue to maintain the integrity, adding that transparency must form the basis of all decisions on PPPs to ensure the right framework for effective partnership and value for money.

    The Acting Director-General, ICRC, Michael Ohiani, said the theme of the Summit was apt, given the critical role played by PPPs in the transformation of global economies.

    Ohiani maintained that the vision of AP3N is to have a network of PPP experts across the African continent to find concrete solutions to bridge infrastructure gaps in the continent.

    He said this was done by bringing together PPP units, professionals and experts across the continent to design, develop, and implement infrastructure projects in tune with global best practices for infrastructure and service delivery.

    “We believe that this continental body needs to continually provide the avenue for interactions and networking among African PPP practitioners, to have a common body of knowledge.

    “This is especially so, as we have our peculiar circumstances and we need to deal with our infrastructure and service provision challenges with respect to our ways while keeping a watchful eye on global trends and developments.”

    The director-general said Nigeria was not spared from the financial challenges that resulted from COVID-19.

    However, he said there was a growing need to salvage projects which were under implementation as well as develop bankable and viable PPP projects for investment.

    “For 2022, ICRC intends to gazette a pipeline of 53 eligible and bankable PPP projects worth about 22 billion dollars very soon,’’ he said.

    Ohiani said the key in the 21st century was for governments to enhance the investment environment for national-level investment for local and foreign investors.

    The Director-General, Nigerian Governors Forum, Asishana Okauru, said the forum had collaborated with ICRC to establish the Nigeria Public Private Partnership Network.

    Okauru, represented by Mr Eghosa Omoigui, Head Stakeholders , NGF, said the network was established to address the issues and bottlenecks toward infrastructure development of strategic sectors of the subnational economy by PPP.

    He said the NGF believed that improving the capacity and resources of state governments to prepare PPP pipelines and bankable projects was key to achieving SDG 7, which is industry, innovation and infrastructure.

    Okauru said that this would offer a sustainable long-term approach to improving social infrastructure, enhancing the value of public sector assets, and making better use of taxpayers’ money.

    NewsSourceCredit: NAN

  •  In response to a new wave of displacement in northern Mozambique the International Committee of the Red Cross ICRC distributed basic household items to 6 000 people this week The displaced families arrived in Mieze Cabo Delgado province after the conflict took them away from the Ancuabe district in recent weeks It is heartbreaking to see hellip
    Operational Update: 6,000 People Uprooted from Their Homes Receive Household Essentials
     In response to a new wave of displacement in northern Mozambique the International Committee of the Red Cross ICRC distributed basic household items to 6 000 people this week The displaced families arrived in Mieze Cabo Delgado province after the conflict took them away from the Ancuabe district in recent weeks It is heartbreaking to see hellip
    Operational Update: 6,000 People Uprooted from Their Homes Receive Household Essentials
    Africa18 hours ago

    Operational Update: 6,000 People Uprooted from Their Homes Receive Household Essentials

    In response to a new wave of displacement in northern Mozambique, the International Committee of the Red Cross (ICRC) distributed basic household items to 6,000 people this week. The displaced families arrived in Mieze, Cabo Delgado province, after the conflict took them away from the Ancuabe district in recent weeks.

    “It is heartbreaking to see the terrible conditions in which people arrive. Entire families are leaving their homes with nothing,” says Abdirizak Ahmed Maalim Mohamednoor, the ICRC's economic security coordinator in Mozambique. “The people of Mieze opened their doors to the displaced, but they also have large families and in some cases the conditions are precarious. Some families don't have a roof over their heads,” he adds.

    Displaced people living with relatives or with host families in Mieze received tarpaulins, buckets, blankets, mosquito nets, soap and kitchen items such as pots and cutlery.

    The ICRC is increasingly concerned about the cumulative humanitarian impact of the ongoing armed conflict. Many of the newly displaced families had come to Ancuabe from elsewhere in search of safety and this was the second displacement they had experienced. They had to flee on foot or by bus, reaching new destinations without the means to support themselves.

    Along the way, family members are often separated and many children find themselves without adult guardians. According to the International Organization for Migration (IOM), 55% of recently displaced persons are under 18 years of age.

    Displacement leads to a rapid population increase in host cities and towns, and access to essential services such as education, health care and clean water becomes a challenge. 36,000 people fled the Ancuabe district during the month of June. In total, more than 780,000 people in Cabo Delgado are displaced due to the armed conflict.

    Since January 2022, the ICRC:

    Distributed basic household items for 21,000 people; Transferred cash to 2,905 displaced families in Pemba, Montepuez and Metuge; Built water pumps, water storage structures and wells; Distributed a self-contained solar panel system to provide water to 10,000 displaced people and help prevent waterborne diseases; It created community committees to manage and maintain water supply systems; Rehabilitation of six health centers in Pemba (Muxara, Mahate and Ingonane) and Montepuez (Niuhula, Napai and Namueto). The facilities provide health services to some 166,000 people. Supported the COVID-19 vaccination of 1 million people living in areas affected by armed conflict in the provinces of Cabo Delgado, Sofala and Manica, in partnership with the Mozambique Red Cross.

  •  The Minister of State for Transportation Sen Gbemisola Saraki says the Onitsha river port is positioned to generate over N23billion to the Federal Government in 30 years Saraki during the signing of the concession of the port on Thursday in Abuja said the port had lots of economic benefits to the country According to her hellip
    Onitsha port will generate over N23 billion in 30 years- Saraki
     The Minister of State for Transportation Sen Gbemisola Saraki says the Onitsha river port is positioned to generate over N23billion to the Federal Government in 30 years Saraki during the signing of the concession of the port on Thursday in Abuja said the port had lots of economic benefits to the country According to her hellip
    Onitsha port will generate over N23 billion in 30 years- Saraki
    General news5 days ago

    Onitsha port will generate over N23 billion in 30 years- Saraki

    The Minister of State for Transportation, Sen. Gbemisola Saraki,  says the Onitsha river port is positioned to generate over N23billion to the Federal Government in 30 years.Saraki, during the signing of the concession of the port on Thursday in Abuja, said the port had  lots of economic benefits to the country.According to her, the port will among other things, ensure the 60 per cent shiped cargoes which hitherto goes through Onne port to Onitsha to be transported directly.”So there is a lot of economic growth, there  is going to be creation of wealth, creation of jobs, security and greater development.”We hope it is a catalyst for other river ports, so that it will decongest other ports and bring about  growth.”You know the traffic on our road, the state of our roads as well as the tankers,  and freight being moved on our roads have now reduced.”And so it is a very good thing and we are exceptionally proud that at long last we have actually achieved this.”It’s being signed and we look forward to the growth there to materialise,”Saraki said.According to the minister, the Baro, Lokoja and Oguta ports, which are at different stages of completion, will be considered after the onitsha port.”The most important thing is that we already have interest from potential investors who want to actually take over this.”The Managing Director, the National Inland Waterways Authority, (NIWA) Dr George Moghalu, said the Onitsha port would reduce the volume of cargoes transported via roads to the South East.Moghalu said:”Our roads are not designed to carry the kind of weight they are carrying.”Over 60 per cent  of the containers that arrive Nigeria through Onne, Tin Can or Apapa port ends up in Onitsha and what it translates is that these containers are moved by trailers.”Onitsha port is very well positioned to play a key role in addressing this if opportunities are provided.”He commended the concessioneers in the efforts they were already making in bringing in investors into the country.Moghalu also expressed hope that the concessioing would open up opportunities for other ports in the country to be given due considerations.Meanwhile, the Acting Director-General, Infrastructure Concesion Regulatory Commission,(ICRC) Mr Michael Ohiani, reiterated that the 30 years concession would generate over N23 billion to the government.He said:”After rigorous procurement process, Universal Elysium Consortium emerged as the preferred concessionaire for the concession of Onitsha River Port.”Over the 30-year concession period, the concessionaire will be responsible for all the activities and maintenance of the port.”The asset along with the entire infrastructure will be returned to the authorities at the end of the concession period.”The redevelopment of Onitsha River Port is seen as a boost to commercial activities in the South East.”Importers and traders from the commercial towns of Onitsha, Nnewi, Aba and Ogbete-Enugu see the relaunch as a welcome development from the Federal Government.”The port will serve as an alternative mode of transporting goods from Lagos and Port Harcourt by road.

    NewsSourceCredit: NAN

  •  The Director General Infrastructural Concession Regulatory Commission ICRC Mr Michael Ohiani says Nigeria is yet to upscale its infrastructure stock to the level that will drive the economy as expected Ohiani said this while delivering a Keynote Address virtually at the 2022 WorldStage Economic Summit WES with the theme Nigeria s Economy Bridging the Infrastructural Gap on hellip
    Nigeria yet to upscale infrastructure stock- ICRC boss
     The Director General Infrastructural Concession Regulatory Commission ICRC Mr Michael Ohiani says Nigeria is yet to upscale its infrastructure stock to the level that will drive the economy as expected Ohiani said this while delivering a Keynote Address virtually at the 2022 WorldStage Economic Summit WES with the theme Nigeria s Economy Bridging the Infrastructural Gap on hellip
    Nigeria yet to upscale infrastructure stock- ICRC boss
    Economy2 weeks ago

    Nigeria yet to upscale infrastructure stock- ICRC boss

    The Director-General, Infrastructural Concession Regulatory Commission (ICRC), Mr Michael Ohiani says  Nigeria is yet to upscale its infrastructure stock to the level that will drive the economy as expected.Ohiani said this while delivering a Keynote Address virtually at the 2022 WorldStage Economic Summit(WES) with the theme : ‘Nigeria’s Economy: Bridging the Infrastructural Gap” on Wednesday in Lagos.According to him, while the major problem facing the economy is the lack of adequate infrastructure, the government alone cannot afford to provide the funding necessary to achieve the infrastructure up to the level needed.Ohiani said the desired level would stimulate the much needed economic growth.“It is a known fact that infrastructure drives economic growth and development of any nation.“Our nation has over the years, produced several development plans, but unfortunately, we have not yet upscaled our infrastructure stock to the level which will drive the economy as expected,” he said.According to him, the Federal Government is totally committed to the development of infrastructure through Public Private Partnerships (PPP).Ohiani said this is evidenced by President Muhammadu Buhari’s continuous commitment, as provided in the 2021-2025 National Development plan (NDP) which seeks to encourage more private sector participation in National infrastructure development.He said: “The NDP has a projected N348.1 trillion, with the entire government of the federation programmed to provide about N49 trillion.“The remaining amount is programmed to be provided by the private sector.“This has been the trending truth over the years, that the revenue to our government cannot meet the needed infrastructure quantum and speed.”The acting director-general noted that the ICRC Act of 2005 came into existence to enable private sector participation in the development and operation of critical infrastructure, which was hitherto the obligation of the government to provide.Ohiani emphasised that the country needed to have more investments and innovative ideas on infrastructure development using already proven and trusted techniques from around the world.Ohiani also said that there was need for more commitment from the private sector towards the actualisation of those goals.He said that in the past 14 years, ICRC has gotten Federal Executive Council approval for more than 50 projects, amounting to more than N3 trillion in private sector funds and currently providing regulatory guidance on more than 200 projects.“As part of the ICRC mandate, we gazette and publish a list of PPP eligible projects annually, so that prospective investors will know when and what to invest in.“As at May 2022, there are 77 post-contract PPP projects under implementation at the ICRC Projects Disclosure Portal (www.ppp.icrc.gov.ng or www.icrc.gov.ng).“The portal is the first disclosure portal in the world, established in collaboration with the world bank.“As at May 2022, there are 197 pre-contract projects at Development and Procurement phases at the ICRC Website a between 2010 and 2021.“Also, under the regulatory guidance of the ICRC, the Nigerian government has approved PPP projects worth more than 8 billion dollars.“As at May 2022, the ICRC has issued 128 Outline Business Case Compliance Certificates, which show their bankability.“In the same period, the ICRC has issued 50 Full Business Case Compliance Certificates to date,” he said.According to him, the continuing success of PPP’s around the world and even in Africa shows us that government can share in the responsibility of providing infrastructure given the right guidelines, and within the regulatory framework provided by the ICRC establishment Act 2005.The acting director-general noted that government had laid the foundation in the ICRC act, saying, “It is now time for the private sector to take advantage of this huge opportunity to invest and develop critical infrastructure through private finance initiatives”.He said ICRC is opened to investors and could be reached for advice and guidance in the development of PPP projects.Ohiani  commended WorldStage for organising such forum to brainstorm on the challenges causing infrastructural gap in the country and contributing in proferring solutions to it.In his welcome address, Mr Segun Adeleye, Executive Officer (CEO), WorldStage said that the country is currently facing huge infrastructural gap that has hindered the desire to exploit its rich natural and human resources to stimulate development.Adeleye stated that Nigeria was ranked number 116 competitive nation in the world out of 140 countries in the 2019 edition of the Global Competitiveness Report published by the World Economic Forum, largely due to the poor state of its infrastructure.He noted that the money needed to attain the level of infrastructure desired will not come from the Federal budget ; hence, the approval for the creation of the Infrastructure Concession Regulatory Commission (ICRC) in 2021 by President Muhammadu Buhari.The CEO said that the country is  availed with huge potential in the PPP option by ICRC to address infrastructure deficit.A panel discussion led by Mr Dare Mayowa, Publisher, Global Financial Digest resolved that Nigerians must recruit the right leaders that will make various  institutions work effectively and efficiently ; hence fill the infrastructural gap.Other discussants at the panel were Mr Soji Adeleye, CEO Alfecity Institution, Mrs Maureen Chigbo, Publisher, Realnews Managazine, Dr Joy Ogaji, CEO, Association of Power Generation Companies, Nigeria. (

    NewsSourceCredit: NAN

  •  Dr Oluseye Ajuwon a lecturer of Economics at the University of Lagos has charged the Federal Government to maintain good governance that ensures public infrastructures are well protected managed and maintained Ajuwon gave the advice at the 2022 WorldStage Economic Summit WES with the theme Nigeria s Economy Bridging The Infrastructural Gap on Wednesday in Lagos hellip
    Experts proffers solution to bridge infrastructural gap
     Dr Oluseye Ajuwon a lecturer of Economics at the University of Lagos has charged the Federal Government to maintain good governance that ensures public infrastructures are well protected managed and maintained Ajuwon gave the advice at the 2022 WorldStage Economic Summit WES with the theme Nigeria s Economy Bridging The Infrastructural Gap on Wednesday in Lagos hellip
    Experts proffers solution to bridge infrastructural gap
    Economy2 weeks ago

    Experts proffers solution to bridge infrastructural gap

    Dr Oluseye Ajuwon, a lecturer of Economics at the University of Lagos, has charged the Federal Government to maintain good governance that ensures public infrastructures are well protected, managed, and maintained.Ajuwon gave the advice at the 2022 WorldStage Economic Summit (WES) with the theme: “Nigeria’s Economy: Bridging The Infrastructural Gap” on Wednesday in Lagos.According to him, true patriotic leadership is most needed in ensuring sustainable infrastructure development.Ajuwon said that infrastructure which include buildings, roads, power, transportation, communication, healthcare, education, water supply, sanitation, among others remain the basic physical and organisational structures and facilities.These, he explained were needed for the operation of a society or enterprise.Ajuwon, also a researcher, said that infrastructure remains the underlying foundation or basic framework upon which the economy of a country is built.According to him, infrastructure is key to economic development, particularly as it relates to the construction, management, and regulation of infrastructure projects.The lecturer said that the underdevelopment of physical infrastructures had been the major constraints confronting the Nigeria economic and social development over the years.Ajuwon said those critical infrastructure gradually decayed over time due to neglect.“The poor performance and inefficiency in the operation of the nation’s infrastructure has been described as major constraints to industrial performance and productivity growth.“As a result, the average growth rate of the national economy has stagnated and stunted around five per cent for many years because the state of our infrastructure does not encourage investment, ” he said.According to him, government, investors, lenders, and all stakeholders in project development must commit to providing pragmatic and sustainable infrastructure that meet international best standards.Ajuwon advised that on-going and future developments in the country should be closely monitored while ensuring that the projects are awarded on merits, and practical timelines are given to contractors  and strictly followed for completion.The researcher urged the government to continue its fight against corruption, address excessive spending in governance and direct saved resources to providing infrastructures for the overall growth of the economy.He maintained that government facilities should be appropriately managed and put into effective and efficient use while abandoned projects should be resuscitated, and less impactful projects, where necessary, should be curtailed.“It is expected that Public Private Partnership (PPP) could be a viable avenue for securing the private partnership in the management of these projects.“Credit facilities for infrastructural projects should be made easily accessible with minimum interest rates, as this will serve as a boost to investment and PPP in infrastructural projects. “The government could also consider giving tax incentives, developing residential housing estates around the project locations, amongst other things.“This will drive human traffic to those project areas and make the project more viable, practicable, feasible, and appealing to the private sectors,” he said.In his welcome address, Mr Segun Adeleye, Executive Officer (CEO), WorldStage, said that the country is currently facing huge infrastructural gap that had hindered the desire to exploit its rich natural and human resources to stimulate development.Adeleye said that Nigeria was ranked number 116 competitive nation in the world out of 140 countries in the 2019 Edition of the Global Competitiveness Report published by the World Economic Forum, largely due to the poor state of its infrastructure.He noted that the money needed to attain the level of infrastructure desired would not come from the Federal budget; hence the approval for the creation of the Infrastructure Concession Regulatory Commission (ICRC) in 2021 by President Muhammadu Buhari.According to Adeleye, the country is being availed with huge potential in the PPP option by ICRC to address infrastructure deficit.“Unlike government funding, private financing sources portend an uncapped and near-limitless pool of funding for investments in infrastructure through banks, bonds, among others.“The focus of the WES 2022 is to examine the infrastructural gap challenges and proffer solutions that would significantly help at improving prospects of achieving the nation’s economic potential,” he said.A panel discussion led by Mr Dare Mayowa, Publisher, Global Financial Digest, resolved that Nigerians must recruit the right leaders that would make various  institutions work effectively and efficiently.This, he noted would fill the infrastructural gap in the country.Other discussants at the panel were; Mr Soji Adeleye, CEO Alfecity Institution, Mrs Maureen Chigbo, Publisher, Realnews Managazine, Dr Joy Ogaji, CEO, Association of Power Generation Companies, Nigeria.

    NewsSourceCredit: NAN