FG to issue PPP compliance certificates in seven days — ICRC

The Federal Government has announced that it is streamlining its Public Private Partnership (PPP) processes to begin issuing the Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.

Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, disclosed that the decision to streamline the process aligns with President Bola Tinubu’s charge to accelerate infrastructure development.

A statement issued in Abuja on Monday by the Acting Head of Media and Publicity of the ICRC, Ifeanyi Nwoko, said that the President has charged the ICRC DG to “accelerate investment in National Infrastructure through innovative mobilization of private-sector funding,” necessitating the need to streamline approval processes.

The OBC Certificate of Compliance is issued by the ICRC to show that a project is viable and bankable and can be undertaken as a PPP, while the FBC Certificate is issued after vetting the detailed investment plan, capital and operating costs, benefits, risk framework, and negotiated financials associated with a PPP project, after which the project can proceed to the Federal Executive Council (FEC) for approval.

Both certificates are issued to the Ministry, Department, or Agency (MDA) of the government that is proposing the project.

Speaking further, Dr Ewalefoh said that the management team of the commission has updated the processes to issue the certificates within seven days, without ignoring the stringent approval requirements.

“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either the Outline Business Case Certificate of Compliance (OBC) or the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments, and Agencies (MDAs) that meet the requirements within seven days.

“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps, and stimulate the economy through the investment of private sector funds in Public Private Partnership endeavours.

“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements; therefore, only business cases that are viable, bankable, offer value for money, and meet all other requirements will be approved.

“The ICRC cannot do it alone; therefore, I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.

“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.

Recall that in August, the ICRC DG rolled out a six-point policy direction which, among others, focused on accelerating PPP processes, boosting inter-agency collaboration, and ensuring innovative financing.

The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal Government aimed at addressing Nigeria’s physical infrastructure deficit, which hampers economic development.