FG seeks private sector collaboration on infrastructure development

The Federal Government has said that with the country’s Gross Domestic Product (GDP) of $450 billion and a yearly budget of $35 billion, a huge opportunity exists to enhance resources of the private sector for the government’s development goals.

Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, said this during a webinar series organised by Innovation, Change and Entrepreneurship (ICE) Hub in collaboration with the Centre for the Study of Economies of Africa (CSEA), where he spoke on ‘Mainstreaming private sector collaboration for public sector reforms: challenges and opportunities’.

Noting that public-private partnerships (PPP) have been proven to achieve sustainable development, he said that they are also veritable tools that could be used to drive inclusive and participatory development.

He encouraged private sector businesses to identify infrastructure development opportunities and partner with government agencies to bring about the much-needed development in the country.

He said it was a good thing that Nigeria recognised the importance of PPP in the establishment of the Infrastructure Concession Regulatory Commission (ICRC), stating that it demonstrates FG’s effort in mainstreaming the PPP model in the country

However, Wabote listed weak institutions, corruption and high inflation of project costs as challenges in utilising the PPP models.

Executive Vice Chair, Aig-Imoukhuede Foundation, Ofovwe Aig-Imoukhuede, who spoke on behalf of the private sector, highlighted some programmes and initiatives the foundation had embarked on to improve the public sector.

She said the private sector is doing a lot to support through training and resources to aid the effectiveness of the public sector.

Also, Dr. Gideon Adogbo, who also spoke on the topic, hinted on some of the benefits of public service innovation, which include, increase in revenue, protect revenue, decrease cost and avoid cost.