The Infrastructure Concession Regulatory Commission (ICRC) has introduced a new set of guidelines aimed at fast-tracking public-private partnership (PPP) projects in Nigeria, decentralising approval powers in line with a presidential directive and ongoing economic reforms.
The new framework issued under the authority of the ICRC Act of 2005 was unveiled during a high-level stakeholder engagement session in Abuja, with key representatives from ministries, departments, and agencies (MDAs) in attendance.
Under the revised rules:
- Federal ministries are now empowered to approve PPP projects valued below ₦20 billion.
- Agencies and parastatals can independently greenlight projects up to ₦10 billion.
- A Project Approval Board will be established to provide oversight and ensure compliance.
Streamlined, Transparent Process
The updated guidelines provide a detailed roadmap for PPP project lifecycle management from the preparation of Outline Business Cases (OBCs) and Full Business Cases (FBCs) to financial modelling, procurement strategy, and regulatory compliance.
Presenting the new policy, Jobson Ewalefoh, Director-General of the ICRC, said the initiative is aligned with President Bola Tinubu’s economic agenda, which prioritises liberalisation, private capital mobilisation, and infrastructure expansion.
“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 preserving the ICRC’s critical oversight role. Regardless of size or sector, every project must strictly comply with these provisions.”
Regulation Without Interference
Ewalefoh emphasised that the ICRC remains strictly a regulator not an operator or grantor and will continue to facilitate constructive negotiations between MDAs and private sector partners to ensure fair, bankable, and transparent agreements.
He also made clear that decentralisation does not mean deregulation.
“While approval powers are being devolved, the presidency has reiterated the importance of accountability. The ICRC will maintain zero tolerance for non-compliance,” he warned.
Positioning Nigeria as Africa’s PPP Leader
The commission pledged to collaborate closely with MDAs, private investors, financiers, and development partners to transform Nigeria into Africa’s premier destination for PPP investments.
According to the ICRC, the new framework aims to remove bureaucratic bottlenecks, unlock dormant capital, and help bridge Nigeria’s multi-trillion-naira infrastructure gap.
