ICRC unveils new PPP rules to fast-track infrastructure

…Fresh Framework Targets Billions in Private Investment
Barbara Bako, Abuja.

The Infrastructure Concession Regulatory Commission (ICRC) has rolled out fresh guidelines to accelerate the development and execution of Public-Private Partnership (PPP) projects in Nigeria, following a directive by President Bola Tinubu.

The new framework, unveiled during a stakeholders’ engagement with Ministries, Departments and Agencies (MDAs) in Abuja, decentralises project approvals and zis expected to unlock billions in private sector investment for infrastructure.

Under the revised thresholds, ministries can now approve projects below N20 billion, while agencies and parastatals may approve projects under N10 billion, subject to ICRC’s regulatory oversight.

Presenting the guidelines, ICRC Director-General, Dr. Jobson Oseodion Ewalefoh, said the reforms were designed to align with the President’s vision of liberalising the economy and drawing in more private finance.

He said, “The new guidelines are in response to President Bola Ahmed Tinubu’s vision to liberalise the economy and in line with his charge to the ICRC to seek innovative ways to attract private sector finance to build infrastructure through PPPs.”

“These rules establish a definitive framework for the conception, development, and execution of PPP projects in Nigeria. They decentralize project approvals to empower MDAs for faster delivery while safeguarding the ICRC’s role as regulator of PPPs in Nigeria.”

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“Every PPP project — regardless of sector, scale, or origin — must strictly comply with these provisions. Every project shall be subjected to our due diligence and compliance requirements,” he added.

The guidelines provide clear steps for preparing business cases, financial models, procurement routes, and PPP agreements.

Ewalefoh reiterated that the ICRC remains a regulator and facilitator rather than an operator or grantor, assuring stakeholders that the Commission will coordinate negotiations to ensure fairness and enforceability of agreements.

He further stressed that with increased approval powers now delegated to MDAs, strict accountability and zero tolerance for non-compliance would be enforced.

At the end of the meeting, participants expressed strong support for the reforms and pledged readiness to begin immediate implementation.

The ICRC reaffirmed its commitment to collaborate with MDAs, private investors, financiers, and development partners to make Nigeria Africa’s top destination for bankable and transformative PPP projects.