Ewalefoh: Reforms Make Nigeria Investment Haven for Local, Foreign Capital

Dr. Jobson Oseodion Ewalefoh, the Director-General and Chief Executive Officer of the Infrastructure Concession Regulatory Commission (ICRC) in Nigeria, has declared that the nation is now an attractive investment destination, appealing to both local and foreign capital. Recent reforms by the Federal Government, according to Ewalefoh, have significantly enhanced the environment for private-sector involvement in infrastructure development, positioning the country to attract the substantial capital needed to address its infrastructure deficit.

Nigeria's infrastructure deficit is estimated at approximately $2.3 trillion, necessitating an annual investment of around $100 billion to close the gap by 2043. Recognizing the scale of this financing requirement, Ewalefoh emphasized that government revenues and budgetary allocations alone are insufficient to meet the country's infrastructure needs.

He stressed the importance of Public-Private Partnerships (PPPs) as a central component of Nigeria's development strategy.

Speaking on Nigeria's infrastructure outlook, Ewalefoh highlighted the Federal Government's confidence in PPPs, noting that the administration of President Bola Ahmed Tinubu has respected existing concession agreements and removed obstacles that had previously stalled numerous projects. Ewalefoh stated, "Nigeria today stands as an investment destination and indeed an investment haven, for both local and foreign capital."

He credited recent reforms for boosting investor confidence, particularly those aimed at alleviating longstanding bottlenecks in the Public-Private Partnership (PPP) process, such as lengthy approval procedures.

Ewalefoh detailed that the ICRC has streamlined the processing of Outline Business Cases, reducing the time required from about six months to approximately seven days, provided the proposal is free of complications. The Commission has also adopted a more direct approach to resolving disputes between Ministries, Departments, and Agencies (MDAs), project proponents, and regulators, thereby minimizing unnecessary correspondence that often caused delays.

Furthermore, the Commission has issued guidelines to assist investors and project sponsors throughout the PPP process and unveiled the Nigeria Model PPP Agreement, a standard framework for PPP contracts. Ewalefoh explained that these reforms aim to provide investors with greater certainty and clarity regarding the regulatory and contractual environment before committing capital.