The Nation Newspaper

Tag: Public-Private Partnership (PPP)

  • Deforestation: Edo partners NGO to regenerate forest reserve

    The Edo State Governor, Mr. Godwin Obaseki, has said that the state government is committed to rolling back the effects of deforestation through mutually beneficial partnerships to regenerate forest covers that were depleted over the years.

    The governor disclosed this at the commissioning of the 1200 trees plantation, an initiative by Association Bernadette Strebel World Peace, in Ehor Forest Reserve, Uhunmwode Local Government Area of the state.

    Read Also:Edo finalizes audit of roads as contractors mobilize to site

    Obaseki, who was represented by the Commissioner for Environment and Sustainability, Dame Omua Alonge Oni-Okpaku, said that the state government is encouraging Public Private Partnership (PPP) in environmental regeneration, which will provide room for more stakeholders to contribute to efforts at replenishing the state’s forest cover.    

    According to him “Our forest has been greatly devastated and there is an urgent need for massive reforestation and protection of the little available forest. Edo State Government has high potential for forest regeneration and this government is committed to the planting of tress to restore our lost forest reserves. As a government, we will not relent in fighting deforestation and its resultant effects with all the measures within our reach. We are more determined now than ever to bring back our forest.”

    The governor said that one of the ways the state government is driving this programme is by encouraging Private Public Partnership (PPP) in forest regeneration, noting, “In furtherance of this, the state’s contribution towards the success of the One Million Trees project was the donation of 400ha of deforested land and the continuous supply of seedlings. Since the inception of the project, Edo State Government has not relented in the provision of seedlings. Some other NGOs are also part of this great initiative.”

    He added: “Our state forest tree nurseries are established to facilitate supply of planting stock for forest plantation establishment. Most of the seedlings raised are usually distributed to schools, individuals and corporate bodies. Between last year and this year, 200,000 seedlings have been distributed of which One Million Trees project got 100,000 seedlings, 50,000 each for 2017 and 2018.

    “I wish to applaud the initiative of the Association Bernadette Strebel World Peace. The laudable project of planting one million trees will restore and enrich the forest resources and the environment of Edo State.”

  • Risk-allocation is central to PPP contracts, says Osinbajo

    Vice President Yemi Osinbajo on Tuesday stressed on the centrality of risk-allocation principles in Public-Private Partnership (PPP) in infrastructural contracts.

    According to him, neglecting them would be at Nigeria’s peril.

    He spoke at the opening of a two-day Public-Private Partnership Workshop, organised by the Global Infrastructure Hub, in collaboration with the Infrastructure Regulatory Commission (ICRC), Norton Rose Fulbright and Olaniwun Ajayi LP, in Abuja.

    Read Also:Nigeria’s energy infrastructure needs $1trillion investments – Osinbajo

    The workshop was organised to equip stakeholders with the Global Infrastructures Hub’s PPP Risk-Allocation Tools with discussions revolving around some of the risks that are key to bankability and how they could be addressed.

    Osinbajo said PPPs were imperative in government’s quest to finance, build and manage infrastructures because government does not have the resources to accomplish its desire to provide critical infrastructure for the people.

    He noted, however, that “managing these PPPs through stakeholder management, performance monitoring, refinancing, re-negotiation, and disputes were probably as crucial for governments as the PPPs themselves.

    “Similarly, we discount the centrality of risk allocation in PPP contracts at our peril.

    “Indeed the correct application of risk allocation principles in infrastructure projects is fundamental to bankability and long-term viability of those projects.”

    He commended the Global Infrastructure Hub for developing the PPP Risk Allocation and PPP Contract Management Tools and for dedicating the workshop to the dissemination of the tools for the West African region.

    “And this is important because the public sector in most developing economies, especially in our sub-region, simply lack the necessary skills and tools to effectively manage PPP contracts.

    “Drawing up this contract management tools and the annotated set of risk matrices demonstrating the successful allocation of risks between public and private parties in PPP transactions, is a great service to public sector parties in all of our countries.”

    Vice President Osinbajo said the participation of top international law, and finance practitioners, the multilateral development banks with the hub in this endeavor, greatly enhanced its usefulness and worth.

    “It also demonstrates the new approach to doing business in a globalized environment, the key being collaboration.

    “Time was when the better resourced private sector looked to game the public sector in PPPs. Usually such victories, if they could be so described are pyrrhic, one more failed PPP, one more failed project.”

    Senior Manager of the Global Infrastructure Hub, Morag Baird, said the investment gap to meet the infrastructure needs in Nigeria as in other countries of Africa and elsewhere in the world was huge.

    “Global infrastructure outlook has forecast that the infrastructure needs on the African continent between now and 2040 is $7.6 trillion.

    “The difference between what is forecast and current trends about what needs is about $3.3trillion, of which about $400billion is Nigeria alone.

    She said the role of the Global Infrastructure Hub is to work with both the public and private sectors to help close the infrastructure gap with quality infrastructure.

    On his part, the Chairman of the House of Representatives Committee on Special Duties, Sani Zango Daura, said the committee has submitted its report on the Bill for an Act to repeal the Infrastructure Concession and Regulatory Commission Establishment Act 2005 and to enact the Public Private Partnership Regulatory Commission Act 2016.

    “This bill when passed into law will definitely enhance the regulatory functions of the ICRC,” he said.

    Welcoming the participants, the Acting Director-General of the ICRC, Mr. Chidi Izuwa, said the workshop was the first of its kind in any part of the world.

    A Memorandum of Understanding was also signed between the Infrastructure Concession Regulatory Commission, ICRC, and the Global Infrastructure, Hub, GIH, to advance the delivery of infrastructure in Nigeria and Africa.

  • Obaseki, Buratai chart new logistics support model for Army

    …recommend PPP to meet contemporary needs

     

    Edo State Governor, Mr. Godwin Obaseki and the Chief of Army Staff, Lt. General Tukur Yusuf Buratai, have called for the adoption of the Public Private Partnership (PPP) model in logistics support for the Nigerian Army to enable it tackle the nation’s security challenge.

    Obaseki maintained that for the nation’s fight against terrorism and other crimes to succeed, all hands must be on deck to support the Nigerian Army and related security agencies.

    Read Also:FG approves N2bn as take-off of Nigerian Army University

    The governor, who spoke through the Head of Service of the state, Mrs. Gladys Idahor, at the opening ceremony of the 20th Combat Service Support Training Week held at the Nigerian Army School of Supply and Transport in Benin City, emphasised that government alone cannot provide all the logistics need of the Nigerian Army especially in the face of new security challenges.

    “The academia and organised private sector need to share ideas on ways of meeting the contemporary needs of the Nigerian Army” Obaseki said.

    He noted that the theme of the training: “Enhancing Combat Service Support capability through Public Private Partnership to meet Nigerian Army’s Contemporary Challenge” is apt, and commended the security outfit for its planned medical outreach to people in selected communities in the state.

    He added that regular training of security officials is important in the face of new threats to national security and said Edo State’s current status as the most peaceful state in the country, is due in part, to the partnership with the Nigerian Army.

    The Chief of Army Staff said tackling contemporary security challenges in the country requires a more robust logistics plan, noting that to a large extent, logistics determine the capability of any army to perform its duties.

    Lt. Gen. Buratai who was represented by Major General Ademoh Salihu, explained that the need for a more efficient and effective logistics model for the Nigerian Army through public private partnership has become expedient.

    He said the Army’s continued dependence on importation of military hard wares has had adverse effect on their operations especially in the fight against insurgency in the North East region.

    He commended the combat service support corps for their relentless service in the fight against insurgency in the country and urged them to leverage on the three days training opportunity to fashion out ways to enhance their capacity in the provision of logistics to nip the security challenges facing the country in the bud.

     

  • Oyo renews commitment to attract more investors

    Oyo renews commitment to attract more investors

    Oyo State Government has renewed its commitment towards sustaining its synergy with the private sector in the provision of enabling environment to further attract local and foreign investors.

    ‘Oyo now more business-friendly’, the state Commissioner for Trade, Investment, Industry and Cooperatives, said this at the Manufacturers Association of Nigeria ( MAN ) End-of-the-Year Get Together on Thursday night in Ibadan.

    The commissioner also commended the collaborative effort of the private sector in the state at boosting the economy.

    “Oyo State has become a haven for both local and foreign investors as a result of the massive infrastructure development.

    “Gov. Abiola Ajimobi’s administration in the state has evolved various initiatives and policies in the areas of security, investment promotion and environmental development.

    “All these culminated into influx of investors as well as the sustainable peace and security enjoyed in the state today,’’ she said.

    In another development, Chief Kola Akosile, the Zonal Chairman of MAN, has said that the Nigerian economy is steadily improving as the nation officially exits the recession in the outgoing year.

    Akosile made the statement in an interview in Ibadan.

    “The Nigerian economy has not been too friendly with our operations in the last few years as manufacturers but we thank God things are improving gradually.

    “Officially the country is out of recession and we are gradually feeling the impact. We pray that next year would be much better than the outgoing year,’’ he said.

    Read also: ‘Oyo now more business-friendly’

    Akosile said multiple-taxation was the major challenge facing his members, noting the pressure several agencies on the issue.

    “Several agencies come to disturb our members but we are trying to harmonise. We believe that Public Private Partnership ( PPP ) is good for economic development.

    “It would increase our capacity and government’s revenue. We believe that working closely would avail government the opportunity to achieve their aims.’’

    He also said that the association was evolving a strategy to reduce the members’ over-dependence on the epileptic public power supply, including the establishment of MAN Electricity Company that would enhance their operations.

    The chairman said that the association was also planning to free enough power for household use from confined power, for various industrial clusters in the zone made up of Oyo, Osun, Ondo and Ekiti.

    “Our members are beginning to have clusters to generate power for themselves without relying too much on government. If we rely too much on government, it won’t get us anywhere,’’ he said.

    NAN

  • Ehanire, Izuwa, others call for policies to boost investors’ confidence

    Ehanire, Izuwa, others call for policies to boost investors’ confidence

    To address Nigeria’s infrastructural deficit, government must adopt proactive legislation and ensure transparency in accessing relevant information to boost investors’ confidence.

    This was the submission of stakeholders, at a plenary session on Infrastructural Development Imperatives of Edo Economic Development Agenda, at the Alaghodaro Investment Summit in Benin City, Edo State.

    Minister of State for Health, Dr. Osagie E. Ehanire, who was a participant at the session, said the federal government intends to build investors’ confidence by strengthening institutions and processes.

    Dr. Ehanire said, “all levels of government should be interested in expanding critical infrastructure by developing legislative frameworks to guarantee investors return on investment. This will enable them to build infrastructure that will fast-track economic growth.”

    The minister urged the Edo state government to ensure the passage of legislative frameworks to open up the space for investment in social infrastructure.

    Executive Director, Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwa, stressed on the need for the state government to collaborate with the federal government in reducing the country’s infrastructural deficit, noting that when it was necessary government should declare a state of emergency on the infrastructure sector.

    He added that state governments cannot address the challenge of infrastructure without a legal framework, stressing the need to ensure discipline and good governance.

    He applauded the initiative of the Edo State Government in implementing the Public Private Partnership (PPP) agency, adding that the move will boost investors’ confidence.

    “The creation of the subnational PPP resource centre will boost investment. It will address the challenge of infrastructure shortfalls in the country,” he added.

    Founding and Managing Partner, Perchstone and Graeys, Osaro Eghobamien spoke on the need for the state government to deal with uncertainty and the culture of kickbacks relating to attracting investors, noting, “information and a roadmap that will enable investors to identify investment opportunities in infrastructure sector in the state should be easily available on various communication platforms.”

    Akiniyemi Osinubi of International Finance Corporation (IFC), called for the creation of regulatory agency and framework to guarantee returns on investment, which is one of the elements considered by investors in the infrastructure sector.

    According to Osinubi “any investor who is coming to invest in infrastructure is on the lookout for structures that will guarantee he or she get returns from projects.”

  • ‘PPP, other finance mechanism will bridge infrastructure gap’

    ‘PPP, other finance mechanism will bridge infrastructure gap’

    Mr Adekunle Oyinloye, Managing Director of the Infrastructure Bank, says Public Private Partnership ( PPP ) and other alternative financing mechanism would bridge the infrastructure deficit in the country.

    Oyinloye said this while speaking on ways of attracting private capital for infrastructure development in Nigeria at a forum of set 1988 Economics Class, Ahmadu Bello University, Zaria in Abuja.

    He noted that these mechanisms would attract private capital for design, financing, construction, operation and maintenance of infrastructure in the country.

    According to Oyinloye, the escalating infrastructure deficit in the country is attributed to low investment in infrastructure by public authorities.

    He said this was occasioned by budgetary and fiscal constraints, inadequate national planning and project prioritisation, policy instability, contractual inefficiencies among others.

    According to him, Nigeria’s annual fiscal appropriations for infrastructure stands at about 5 billion dollars per annum, showing a significant funding shortfall for addressing the deficit.

    He explained that about 48 per cent of funding required to bridge the wide infrastructure deficit in the country can be sourced from the private sector.

    “Based on our experience across the infrastructure landscape, we can assert that private investors and financiers are willing to commit capital to fund the infrastructure deficit.

    “PPP are a very potent tool for channeling investments into the infrastructure space.

    “Clearly, where the government demonstrates the will to implement projects through PPP, investors’ appetite shall continue to grow for commercially viable infrastructure projects.

    “This ensures that private investors take on financing, development and operating risks whilst the government maintains regulatory oversight of the sector.

    “Under this model, the private sector plays the crucial role of plugging funding gaps as well as instituting efficient operation and maintenance regimes, post construction to ensure return on investments in a sustainable manner.

    “There is therefore absolutely no doubt that the private sector has the ability to mobilise the required financial resources to fund the nation’s infrastructure development,” Oyinloye said.

    He, however, urged that funds be made available and accessible to policy makers and regulators with interest in the development and operation of new and existing infrastructure.

    He said: “With the tracking of economic indices and infrastructure investment, the Federal Government will be forced by the sheer deluge of facts to focus squarely on delivering funding for infrastructure development.

    “The government will do this through any necessary means including demonstrating the will to implement key projects via PPP.”

    He reiterated that the infrastructure bank had deliberately crafted a niche market within which it is the leading provider of project finance solutions for the much needed infrastructure projects.

    He said the bank had acquired and developed the requisite expertise and technical capacity to ensure it delivered on its mandate without compromise.

    “We stand ready, willing and able to support the development and implementation of any viable infrastructure project wherever the need arises in our nation,” Oyinloye said.

    NAN

  • Rail: More coaches to arrive soon – Amaechi 

    Rail: More coaches to arrive soon – Amaechi 

    The Federal Government on Thursday disclosed that it will bring in more coaches and locomotives to boost rail transportation across the country between now and December.

    The Minister of Transportation, Rotimi Amaechi spoke with State House correspondences after a closed door meeting with President Muhammadu Buhari.

    According to him, President Buhari was very pleased with developments in the transport sector.

    He said “He is also very pleased with what we have done in terms of the narrow gauge, between now and December; we are bringing in more locomotives, coaches and wagons, to ensure efficiency in the narrow gauge. We are expecting 10 for Kaduna-Abuja axis and another seven, which will hopefully go to Itakpe-Warii because we believe that by June, that axis should also come alive,”

    He also said about $16 billion is required to actualize some of the plans government has for the sector, especially construction of two deep seaports in Bonny, Rivers State and Warri, Delta State.

    The Transport Minister further said there are plans to also dredge the Calabar seaport, through Public Private Partnership PPP.

    He stated that the problem of gridlock on the road leading to Apapa port in Lagos would be over by December.

    “In terms of the narrow gauge, if not for a hitch, we would have commenced trucking cargo form Apapa seaport to Ebute-Metta-Lagos and takeaway the challenges we are having with that Apapa grid and bad road. That will happen before December.” he added

    On why he was in the Villa, he said “Don’t forget that I am the Minister of Transportation, obviously there are issues around transport that I have to discus with the President. You are aware that we have gotten approval for the eastern flank of the Nigerian Railway modernisation which has to do with from Port Harcourt to Maiduguri cutting across Aba, Owerri, Enugu, Umuahia to Markurdi, to Abakiliki, and to Awka, Lafia down to Bauchi, Gombe, Yola and to Damaturu and ends at Borno.

    “And also the other railway from Kano to Maradi in Niger Republic I need to brief the President about how we are progressing with negotiations of loans and others and our possible financiers.

    “I also need to brief him about the current activities going on in the Lagos/Ibadan axis and what we intend to do to complete the Lagos/Kano railway. It is basically about my office.

    On when the government will commence work on the new approval for the eastern railway, he said “There are approvals but we have to look for the money, the money is just not there. It is not easy, it is a total of about $16 billon and you don’t pluck $16 billion from the sky.

    Whether it will be done through PPP arrangement, he said “That is the first line of action, we will try and see if we can work on PPP particularly as it patterns to the seaport. Don’t forget that two deep seaports have been approved; Bonny seaport and the Warri seaport. The Port Harcourt Railway Industrial Park will, we should also be able to implement that through PPP. l hope we can but l doubt if it will be easy to get railway as PPP because it is quite expensive.

    On the Calabar port dredging project, he said “NPA is on it. They have advertised not contractors; they prefer to do it in a PPP arrangement basically to see how we can dredge the Calabar port

    Asked the cost of the project, the Minister said “The total expenditure for that area may come to about $16 billion. Not all necessarily loan, the first step of action is PPP. It is after we finish with PPP that we can say the actual total figure of what the loan will look like.”

    Asked to speak on the President’s vision for the railway transportation, he said “That is why I was summoned. Don’t forget that the President sleeps and wakes up thinking about railway and if his BP will not rise, I must see him and tell him how far we have progressed. Once he hears that progress is being made he feels a bit happy.

    “He is also pleased with what we have done in terms of the narrow gauge. Between now and December we should ensure efficiency in the narrow gauge. We are bringing in more locomotives, we are bringing in more coaches and wagons.

    “In terms of the narrow gauge, if not for a hitch, we would have commenced trucking cargo from Apapa seaport to Ebute Meta and take away the challenges we are having with that Apapa bridge and the bad road, that will happen before December.

    On how many locomotives are being expected, he said “We are expecting ten for Kaduna/Abuja, another seven will also come and that seven we hopefully think it will go to Itakpe/Warri because we believe by next year June, Itakpe-Warri should be ready.”

  • Foreign Direct Investments will increase in Nigeria – Umana

    Foreign Direct Investments will increase in Nigeria – Umana

    Managing Director, Oil and Gas Free Zones Authority, Mr Umana Umana, has expressed optimism that the nation’s economy will be boosted through Foreign Direct Investments (FDIs).

    Umana told newsmen in Abuja on Sunday that the agency had been repositioned to promote and sustain FDIs within the zones.

    According to him, the agency has been repositioned to be a revenue earner because the challenges affecting it have been addressed.

    He stated that the free zones had the responsibility to provide the right environment in terms of ensuring that existing incentives in their domains were known to investors.

    Umana explained that the authority’s new disposition stemmed from a management retreat, where a roadmap to deal with foundational issues of the agency was initiated.

    “Within the roadmap are issues on how to promote and sustain FDIs within our zones, providing the right environment in terms of ensuring that existing incentives in the zones are known to investors.

    “We are able to do that and have also produced a brochure to help potential investors have documented records of what we offer and their obligations.

    “I want to state that the incentives we offer compete well with that offered by other free trade zones globally.

    “Since I took over, we have taken steps to look at operational deficiencies such as the period it takes to renew licenses,” he said.

    Umana said that before assumed office in September, 2016, it took about 14 days to renew licenses, but that the process had been reduced to three days under him.

    “If our investors meet the requirements for the renewal of licenses, which include payment of renewal fees and submission of annual returns among others, they will have their licenses renewed within 48 hours.

    “I believe that the agency has gone a long way to promote the ‘Ease of Doing Business Policy’ of the Federal Government,’’ he said.

    He explained that some of the foundational issues he met had to do with capacity of staff to deliver on the core mandate of attracting FDIs and promoting economic development.

    “After we addressed that, we had stakeholders meeting with all the other agencies of government that operate within the zone – Customs, Immigration, the NPA, and of course, the investors.

    “We had a roundtable and made our commitments to improve on service delivery and assured that it would no longer be business as usual because we needed to improve on the Ease of Doing Business.

    ”I also discovered when I took over that the authority didn’t have operational presence even in Nigeria. It was barely visible and not known even by Nigerians.

    “We have now made it known to Nigerians and its values to fast-track development because Nigerians will benefit from increase in employment and transfer of technology,” he explained.

    Umana said that over the next four years, the agency would grow FDI by over 40 per cent and upscale its strength and capacity to play its role as a regulator to players in the free zone.

    “We are also looking at how to establish new zones in partnership with the private sector.

    “Onne is a good example of a Public Private Partnership (PPP) that has worked.

    “I have presented it at global events as one of the free trade zones that are based on the PPP model that has worked.

    “It is also based on a cluster model because its activities are centered on oil and gas.

    “It has given the Federal Government through the NPA over two billion dollars revenue between 2010 and 2016.

    “The tool of the free zones as a strategy to drive investment and development has been used successfully in Dubai and Malaysia.

    “There is a budget of N43 billion in 2017 for six special economic zones and this goes to underscore the importance the government is now according the free zones as economic tool.’’

    He said that though the economic downturn had impacted on the activities in the zones, the prospects were bright.

    Umana disclosed that there were threats from countries like Mozambique, which was creating real incentives for oil and gas investments.

    “The attraction of investment is not a domestic affair; it is an international one because investors have options to choose from.

    “Nigeria is just one of the options; that is why we are trying to work hard to put our free trade zones before the world with good incentives.

    “This is because if people don’t know about what you have, they won’t come around.

    “We are trying to market our free trade zones as we recently did at the last World Free Trade Zones Convention in Doha.

    “Nigeria has a very strong market due to our population; we must be taken serious as a destination for investors who are looking at free trade zones around the world.’’

  • Ambode seeks private funding for Fourth Mainland bridge

    Ambode seeks private funding for Fourth Mainland bridge

    Lagos State Government Akinwunmi Ambode Thursday said more public private partnership (PPP) in infrastructure funding, including the proposed Fourth Mainland Bridge, was needed to make the state a preferred destination for investment.

    He said the state was determined to explore the PPP model in areas such as road network expansion, transportation, housing and environment.

    “Some critical projects we have identified to be implemented through collaboration with the private sector include the Fourth Mainland Bridge, the Okokomaiko road expansion project, Oko-Oso-Itoikin road dualisation and the Ikorodu-Agbowa-Itoikin-Ijebu-Ode road project,” he said.

    The governor, represented by the Deputy Governor Dr Idiat Adebule, spoke at the 2017 annual lecture of the law firm of Punuka Attorneys and Solicitors in Lagos.

    The theme was: The role of public private partnership in infrastructural development.

    The governor said the government was not abdicating its responsibilities but essentially releasing scarce resources for other important projects.

    He said an advantage of bringing the private section into governance was the efficiency it brings to project management and the issues of waste, delayed delivery and abandonment associated with public projects.

    Ambode the said government revenue cannot be relied upon as the only source of funding for developmental projects.

    “The reality of this fact is becoming clearer as a result of reduction in government revenue occasioned by dwindling oil prices and increasing need of the people,” he said.

    The governor said the state has already effectively used the PPP model in the delivery of critical infrastructure, such as the Bus Rapid Transit system, the ongoing Eko Atlantic Project, the Lekki Free Trade Zone, among others.

    Senior Partner, Punuka Attorneys and Solicitors, Chief Anthony Idigbe (SAN), said government alone cannot be saddled with investing tax payers’ money in otherwise commercially viable infrastructure projects in the face of other social needs.

    “Consequently, private participation is needed for the enhancement of infrastructural development and indeed is required as, perhaps, a matter of social commitment, to step up their game to fill the infrastructural funding gap.

    “In addition, they can bring private sector experience to conceptualisation, design, execution, operation and maintenance of infrastructure,” Idigbe said.

    Among speakers at the event were Chief Executive Officer of Chapel Hill Denham, Mr Bolaji Balogun, Founder, E. Anthony Professional Corporation, Canada, Anthony Ross (QC) and Partner, WeirFoulds LLP, a Canandian based law firm, Frank Walwyn, among others.

     

  • Why PPP is important – Ambode

    Why PPP is important – Ambode

    Gov. Akinwunmi Ambode of Lagos State on Thursday said that there was the need to explore alternative financing strategies such as Public Private Partnership (PPP) to fast track economic growth and development in the country.

    Ambode who was represented by his deputy, Dr Idiat Adebule said this at the 2017 PUNUKA Annual Lecture organised by PUNUKA Attorneys and Solicitors in Lagos.

    The lecture had the theme  ‘The Role of Public Private Partnership in Infrastructural Development’.

    He said that PPP had gained wide acceptance as a sustainable strategy for financing and delivery of public infrastructure globally.

    According to him, in adopting such strategy, government is not abdicating its responsibilities but essentially releasing scarce resources for other equally important projects, thus creating s win-win situation for the government and the private enterprise.

    “It is rooted in the fact that government revenue cannot be relied upon as source of funding for developmental projects.

    “The reality of this fact is becoming clearer as a result of reduction in government revenue occasioned by dwindling oil prices and increasing needs of the people.

    “Public Private Partnership has been identified and adopted as a viable strategy that can ensure the desired growth in physical and social infrastructure, as well as make significant impact on the nation’s economy,” he said.

    Ambode said his administration would continue to explore the PPP model, especially in areas such as road network expansion, transportation, housing and environment, for the benefit of the masses.

    In his address, Mr Bolaji Balogun, Chairman of the event, said that PPP was the only sustainable way of financing significant infrastructure in any economy.

    He urged government to create an enabling environment, particularly in the areas of road networks and power supply, to attract investors and private partners.

    Mr Anthony Ross, the guest lecturer, identified political tribalism, increasing population and lack of continuity in governance as problems confronting infrastructure development in the country.

    Ross said that private sector involvement would ensure that issue of wastes, delayed delivery and abandonment that was usually associated with public projects would be minimised.

    In his remarks, Chief Anthony Idigbe, Senior Partner, PUNUKA Attorneys and Solicitors, noted that there had been a decline in infrastructure development due to increasing population, reducing taxes, social pressure, poor maintenance culture, corruption in government’s procurement processes and others.

    Idigbe said the lack of basic infrastructure such as housing, transportation, roads, electricity, hospitals, schools, water supply and other needs was not only affecting the citizens, but also the nation’s economic development and prosperity.

    He said that the topic was borne out of the dire socio-economic need for infrastructure development in Nigeria.

    “We find ourselves in a sensitive time in history, when government alone cannot finance viable infrastructural projects; private participation is required.

    “This lecture is a part of our annual contribution to the legal, social and economic issues in the country, to stimulate actions that will drive development, ” he said.