The Infrastructure Concession Regulatory Commission (ICRC) has issued new rules to expedite public-private partnership (PPP) projects while decentralising approval authorities.

The framework, released under the statutory authority of the ICRC Act of 2005 and in accordance with a presidential mandate, was unveiled during a high-level stakeholder engagement with representatives of PPP-related ministries, departments, and agencies (MDAs).

The new standards allow ministries to approve projects under N20 billion, while agencies and parastatals can manage projects under N10 billion.

The commission stated that a project approval board will be formed to oversee the process.

The rules also cover the requirements for creating outline business cases (OBCs), full business cases (FBCs), financial models, procurement channels, and compliance actions.

Jobson Ewalefoh, the ICRC’s director-general, presented the framework in Abuja, stating that the regulations are crucial to President Bola Tinubu’s vision of economic liberalisation and releasing private investments for infrastructure.

“These rules establish a definitive framework for the conception, development, and execution of PPP projects in Nigeria,” Ewalefoh said in a statement on Sunday.

“They empower MDAs to deliver faster while safeguarding the ICRC’s regulatory role. Every project, regardless of size or sector, must strictly comply with these provisions.”

Ewalefoh underlined that the commission is still a regulator, not a project operator or grantor.

He stated that the agency would continue to support discussions between MDAs and private proponents to ensure fairness and bankable deals.

“While approvals are being decentralised, the presidency has reinforced accountability, with the ICRC warning of zero tolerance for non-compliance,” Ewalefoh said.

The commission promised to collaborate with MDAs, private investors, financiers, and development partners to reposition Nigeria as Africa’s leading hub for PPP initiatives.

Source: TheCable