The Infrastructure Concession Regulatory Commission (ICIR), has announced that it will issue Outline Business Case and Full Business Case Certificates of Compliance within seven days.
Ifeanyi Nwoko, the Commission’s Acting Head of Media and Publicity said in a statement.
The OBC and FBC are crucial components of public-private partnership projects, providing an initial assessment of project viability. While the FBC is a comprehensive document detailing the financial and operational plan for the project, required for approval by the Federal Executive Council.
The commission noted that the decision is in response to President Bola Tinubu’s directive to accelerate infrastructure development through private sector investment.
ICRC Director-General, Dr Jobson Ewalefoh, explained that the commission has streamlined its processes to comply with the President’s Renewed Hope Agenda aimed at boosting Nigeria’s infrastructure.
“In line with the charge of President Bola Ahmed Tinubu, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either the Outline Business Case Certificate of Compliance or the Full Business Case Certificate of Compliance to Ministries, Departments and Agencies that meet the requirements within seven days,” Ewalefoh stated.
This change is intended to reduce the turnaround time for approvals, accelerating the delivery of public-private partnership projects, which are critical to addressing Nigeria’s infrastructure deficit.
“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours,” he added.
Ewalefoh emphasised that while the process has been streamlined, the commission will maintain its stringent approval steps.
“By streamlining our processes, the commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved,” he added.
The DG also called on other government agencies to align with the new pace set by the ICRC. “The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time. The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.
The ICRC’s move follows the rollout of a six-point policy by Ewalefoh in August, which included measures to accelerate PPP processes, enhance inter-agency collaboration, and foster innovative financing for infrastructure projects.
