Abuja — A National Policy on Public-Private Partnership (PPP) to complement the Infrastructure Concession Regulatory Commission (ICRC) Act of 2005, has been approved by the Federal Government.
The guideline, according to Vice President Namadi Sambo, is to provide the legislative, regulatory and institutional framework for Public-Private Partnerships to thrive.
Sambo who disclosed this while declaring open the fourth annual African Public-Private Partnership Conference, in Abuja said "the Federal Government is firmly committed to the promotion of PPP as a viable business model'.
According to him, "this administration's transformation agenda places a high premium on public-private partnership for the rapid modernisation and expansion of our country's infrastructure," noting that "our goal has been to work with the private sector to close the capital investment and financing gaps."
The vice president said government was creating an enabling environment for the operation of an efficient and effective private sector economy.
While commending the initiators of the event, he expressed the desire that the Annual African PPP conference would evolve into a platform for governments to address the continent's infrastructure deficit and showcase her investment potentials to the outside world.
Earlier, Minister of State for Finance, Dr. Yerima Ngama, representing the Minister of Finance, Dr. Ngozi Okonjo-Iweala, explained that in Nigeria, statistics indicated that government's contribution amounted to one-eighth of the country's Gross Domestic Product (GDP) while the private sector has 7/8th of the resources, though mostly informal.
She said most countries that developed depended on the private sector and not on government alone and promised that together with the ICRC, this administration was committed to creating the enabling environment for the Public-Private Partnership to work.