Public Private Partnership (PPP) model remains the most feasible means of addressing huge infrastructure gaps in emerging economies like Nigeria, in spite of associated challenges, panelists at the 17th Business Law Conference of Nigerian Bar Association Section on Business Law (NBA-SBL) have declared.
The panelists, who spoke at one of the sessions, noted that the future of infrastructure development is the PPP model, adding, however, that the model must be used carefully and responsibly.
The session focused on ‘Closing Nigeria’s Infrastructural Gap with Public-Private Partnerships’ and was moderated by Jobalo Ogunkanlu, Executive Director at ARM-Haring Investment Ltd.
The panelists included Ibrahim Abdullahi, CEO, Nasarawa State Investment Development Agency; Diekola Onaolapo, Managing Director and Founder, Excellion Capital; Dapo Oduwole, Director General of Ogun State PPP Agency; Opiuyo Oforiokuma, Senior Partner at Africa 50 Infrastructure Acceleration Fund; and Tobenna Erojikwe, Partner at The Law Crest LLP.
They sought to answer relevant questions relating to PPPs and address concerns associated with the model. Speaking on urgent need to balance hunger for infrastructural development with challenge of climate change vis-a-vis impact on natural ecosystem and human communities, Oforiokuma said Africa could be a global leader in this regard.
According to him, the continent’s contribution to the problem of climate change is so meagre, compared to more industrialised economies. And if rules were followed, while pursuing sustainable development goals, Africa could be a torchbearer for more responsible global developmental paradigm.
He added that to fix worrisome dearth of infrastructure in Nigeria, the country needs to leverage “bankable capital”.
Oduwole stressed that the future of infrastructure development is PPP, while Abdullahi highlighted human element of development, saying the silent ‘P’ in PPP stands for ‘People’.
The panelists said there was need for Federal Government, alongside corporate and intergovernmental organisations, to be more robust and intentional in engagement with states and sub-national stakeholders, given that the bulk of PPP projects actually reside within the purview of state governments.
