Nigeria Needs $100 Billion Annually for Infrastructure

The Infrastructure Concession Regulatory Commission (ICRC) has disclosed that Nigeria needs $100 billion annually over the next two decades to bridge its estimated $2.3 trillion infrastructure deficit. Dr.

Oseodion Ewalefoh, the Director General and Chief Executive Officer of the ICRC, made this announcement during a stakeholder engagement session in Abuja. He emphasized that public-private partnerships (PPP) are crucial for mobilizing private sector capital and expertise to meet this challenge.

The ICRC has spent nearly two years developing a model PPP agreement designed to provide a standardized framework that aligns with Nigerian law and global best practices. This agreement includes provisions for force majeure, changes in law, and default termination arrangements.

Mr. Beatrice Jedi Agba, the Solicitor General of the Federation, highlighted the importance of strengthening the legal foundation for these agreements to protect the interests of the federal government.

The ICRC aims to finalize the model agreement with input from legal experts and financial advisors.