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…Says old funding model outdated
From Idu Jude, Abuja
President Bola Tinubu has stressed that building Nigeria’s modern infrastructure now hinges on robust Public-Private Partnerships (PPP), as sole reliance on government funding is no longer sustainable in today’s dynamic economic landscape.
Speaking through Vice President, Kashim Shettima, at the opening of the 2025 edition of the Nigeria PPP Summit in Abuja yesterday, President Tinubu declared that Nigeria must embrace new models to drive growth and development. Themed “Unlocking Nigerian Potential: The Role of PPP in Delivering the Renewed Hope Agenda,” the summit gathered key stakeholders from both the public and private sectors.
The President emphasised that Nigeria’s future economic ambitions cannot be built on outdated infrastructure systems: “We cannot build a 21st-century economy on 20th-century infrastructure. This fact invites us not only to compare notes but to co-create solutions anchored in the unique realities of our nation. The public sector of every nation is a mirror of the private sector. Ours has a long-standing history of collaboration to deliver value, and I am privileged to welcome you to this memorable occasion.”
He acknowledged that the scale of national aspirations far exceeds what public budgets alone can achieve: “That is why we must innovate, and why we must work together. We are not looking for investors to carry burdens. We are offering opportunities to create value. We seek long-term partners who are ready to help us bridge our infrastructure gap with purpose and precision.”
Reflecting on the administration’s progress since taking office, Tinubu stated: “When we took charge over two years ago, we knew that a functional relationship between the public and private sectors would be the magic wand of transformation. That is what we have committed to, and that is what we are doing.”
He highlighted that key regulatory institutions have been strengthened: “We have strengthened the Infrastructure Concession Regulatory Commission (ICRC) and enhanced its capacity to regulate, supervise, and de-risk PPP transactions. We are determined to deliver infrastructure that is both sustainable and inclusive.”
Reviewing the broader economic reforms under his administration, Tinubu noted: “Our economic reforms have laid a stable foundation—from the removal of unsustainable subsidies to the liberalisation of the foreign exchange regime and optimisation of government revenues. We have acted boldly and responsibly. We are streamlining bureaucratic bottlenecks and improving transparency in our project pipelines. We have aligned our processes with global best practices and investor expectations.”
The President reaffirmed that the National Integrated Infrastructure Master Plan (2020-2043) remains the administration’s guide for raising infrastructure stock from the current 30-35% of GDP to at least 70% by 2043: “But blueprints do not build roads. Policies alone do not generate megawatts. These goals require collective action. And that is the focus of my administration.”
Calling on private sector partners, Tinubu urged: “We ask not just for capital, but for commitment. Nigeria offers scale, demand, and returns like no other African market. But we need more than investment—we need innovation, we need efficiency, and above all, we need integrity. I urge you to look beyond the risks and recognise the immense opportunity to shape a nation that is not just rising, but ready.”
He stressed that PPP projects must move swiftly from planning to execution: “The projects that emerge from this summit must not gather dust on paper or linger in bureaucratic limbo. We will fast-track approvals for viable projects. We will ensure coordination across Ministries, Departments, and Agencies to enable swift implementation. We do this because we know that what matters to the average Nigerian is not promises, but power in their homes, roads to their farms, access to clean water, modern hospitals, and quality schools.”
He concluded with a rallying call: “We must build. We must deliver. And we must do it together. Nigeria does not lack potential but has lacked alignment of purpose and the courage to act decisively. Today, let us chart a new path—not just as government and investors, but as partners in nation-building. Let this summit be remembered not for fine speeches, but for bankable projects, signed deals, and enduring progress.”
Earlier in his welcome address, ICRC Director-General Dr. Jobson Ewalefo praised the Tinubu administration’s bold recalibration of public policy to prioritise infrastructure-led inclusive growth: “This administration has demonstrated uncommon courage in embracing Public-Private Partnerships not merely as a funding mechanism, but as a governance model that rewards innovation, efficiency, and accountability.”
He cited projects such as the Highway Development and Management Initiative (HDMI), MediPool medical infrastructure initiative, Ikere Gorge Dam, Borokiri Fishing Terminal, and MEMS platform as evidence of this new PPP-driven approach: “Indeed, the Renewed Hope Agenda is no longer a vision deferred. The foundation for sustainable, private-sector-driven growth is being laid.”
Dr. Ewalefo explained that the summit was convened to foster collaboration: “This summit brings together the finest minds from government, private investors, development partners, and civil society to co-create new frameworks, de-risk bankable projects, and strengthen our institutional alignment toward project delivery. It is a testament to Nigeria’s readiness to lead—not just follow—in the evolving global PPP ecosystem.”
He assured investors: “Nigeria is open for business and, more importantly, ready for partnership. With over 200 million people, a growing middle class, rich natural endowments, and an enormous infrastructure gap estimated at over $2.3 trillion, the case for PPPs in Nigeria is not only compelling—it is urgent.”
Dr. Ewalefo reaffirmed ICRC’s commitment: “We align regulation with facilitation, compliance with collaboration. We ensure every PPP transaction is legally sound, economically viable, and socially impactful. The Commission is fully backed by Mr. President’s charge to accelerate investment in national infrastructure through the innovative mobilisation of private-sector funding.”
He also noted that the President had taken deliberate steps to empower the ICRC: “In 2024, he directed that all MDAs must comply strictly with the ICRC Act and guidelines—a clear statement of his commitment to rule-based, transparent infrastructure development. He has preserved the integrity of our regulatory mandate and regularly directs prospective investors to engage with the ICRC as the statutory gateway for all federal PPPs.”
Dr. Ewalefo revealed that the Commission has recorded unprecedented speed in securing approvals for PPP proposals: “Presidential support is enabling us to fast-track critical national projects, including the Dasin Hausa Dam in Adamawa State—a life-saving infrastructure project designed to mitigate the perennial devastation caused by water released from Cameroon’s Lagdo Dam.”
Delivering goodwill messages, Solomon Quaynor, African Development Bank Vice-President for Private Sector, Infrastructure & Industrialization, and Zitto Alfayo, Director & Global Head of Project Preparation at African Export-Import Bank (Afreximbank), both affirmed that Nigeria is ripe for investment. They reassured investors that Nigeria’s evolving PPP framework now offers a more secure and attractive platform for sustainable investment.
