Nigeria Becomes Investment Haven for Local, Foreign Capital

Dr. Jobson Oseodion Ewalefoh, the Director-General and Chief Executive Officer of the Infrastructure Concession Regulatory Commission (ICRC), stated that Nigeria has become an investment destination for both local and foreign capital due to recent reforms by the Federal Government. He highlighted that Nigeria's infrastructure deficit is approximately $2.3 trillion, requiring about $100 billion annually to close the gap by 2043.

Ewalefoh emphasized that Public-Private Partnerships (PPPs) are crucial for the country's development strategy, as government revenues alone cannot meet the financing needs. He noted that President Bola Ahmed Tinubu's administration has shown commitment to PPPs by honoring existing concession agreements and addressing previous project delays.

The ICRC has streamlined the Outline Business Case processing time from six months to about seven days for uncomplicated proposals, and has implemented guidelines to assist investors in navigating the PPP process. These reforms aim to enhance investor confidence by providing clarity in the regulatory and contractual environment.