Korede Abdullah in Lagos
Nigeria’s Ministry of Marine and Blue Economy is teaming up with the Infrastructure Concession Regulatory Commission (ICRC) and the Bureau of Public Enterprise (BPE) to transform the nation’s ports. The goal is to identify top-notch public-private partnership (PPP) models for rehabilitating, modernizing, and concessioning Nigerian ports.
According to a press statement released on Thursday and signed by Muhammad Tahir Zakari, MFR,
Head: Press & Public Relations
Federal Ministry of Marine and Blue Economy. Minister Adegboyega Oyetola, previous PPP models have been hindered by the private sector’s over-reliance on government funding.
He emphasized that the government should not be involved in business, especially when it comes to infrastructure management. Instead, the ICRC and BPE should collaborate with the private sector to revitalize the port industry.
Oyetola highlighted the need for competent partners, citing instances where investors propose viable business plans but fail to secure necessary funds. He urged the ICRC and BPE to develop effective PPP arrangements, identifying suitable models for port concessioning across the country.
The Minister clarified that port rehabilitation delays were due to insufficient funds, despite being proposed to the Federal Executive Council in 2021. He noted that engaging with the World Bank was also unsuccessful due to timing issues.
ICRC Director General Dr. Jobson Oseodion Ewalefoh stressed that private sector funding is crucial for Nigeria to maximize its marine sector potential. He pointed out that the 2006 concession of 26 port terminals was a step in the right direction but more needs to be done to explore marine industry opportunities.
Ewalefoh expressed confidence in Nigeria’s potential to become a key player in West Africa and the continent, citing its vast marine resources. However, he acknowledged funding as a major challenge, emphasizing the need to attract private sector investment to revamp the country’s infrastructure.
