The Infrastructure Concession Regulatory Commission says concessions of assets will generate N185.2 billion in revenue to the federation account in 2023.
The Director General of ICRC, Michael Ohiani, disclosed this in the commission’s recent second-quarter bulletin.
He stated that the projects would inject billions of dollars in private sector investment to N10.8 trillion and contribute significantly to bridging the nation’s infrastructure deficit.
The commission emphasized that the private-public partnership was not only imperative to close infrastructure gaps but also important for job creation and boosting economic growth at the state and federal levels.
It added that in the period under review, the commission issued 27 compliance certificates to various ministries, agencies and departments to bridge the infrastructural gap in Nigeria.
“These approvals in the second quarter of 2023 brought to 103 the total number of PPP projects that FEC had approved since the commission’s inception. The PPP projects will see the investment of N10.8tn ($23bn) in private sector funds to develop infrastructure in Nigeria. These investments also translate to a revenue expectation of N185.2bn to the Federal Government of Nigeria in 2023 alone,” part of the bulletin read.