FG Considers PPPs To Fund Key Science, Technology Projects

Ismail Abdulaziz
Oct, Thu, 2024

Economy/Business

FG considers PPPs to fund key science, technology projects

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Okeoghene Akubuike

The Federal Government says it is considering private sector funding through Public Private Partnerships (PPPs) for key projects in the Ministry of Innovation, Science and Technology.

This is contained in a statement issued by Ifeanyi Nwoko, the Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC) in Abuja on Thursday.

Nwoko said Dr Jobson Ewalefoh, the Director-General (D-G) of ICRC, said this when he paid a courtesy visit to the Minister of Innovation, Science and Technology, Mr Uche Nnaji.

Nwoko said the meeting, initiated by the ICRC D-G, aimed to foster partnership between the two government bodies to leverage PPPs for projects that enhance the nation’s economic and technological growth.

Ewalefoh said that science and technology if properly deployed, could serve as a key driver of the economic growth and progress of Nigeria.

“Many countries around the world have used science and technology to drive the economic growth and prosperity of their country and people.

“We are here to brainstorm with you and find ways by which we can deepen the usage of science and technology for the advancement of our country.

“Over the last two decades, countries and businesses have harnessed technology and innovation for upscaling their economy and improving the efficiency in their service delivery.

“That is where we want our country to go, and we believe that is the vision you are championing under the renewed hope agenda of President Bola Tinubu.

“It is, therefore, my aspiration that your ministry will partner with the ICRC to see areas where we can champion private sector funding through PPP to develop some of the projects specific to the ministry,” he said.

The D-G informed the minister that there was already a collaboration with an agency under its purview but stressed that there were other key areas where PPP could be harnessed to deliver laudable projects in the ministry.

He said that the commission had streamlined its processes to accelerate PPP project delivery as well as deliver important services to the Nigerian people.

Ewalefoh pointed out that some key private sector operators had already verbalised their desire to work with the ministry in a PPP arrangement.

Responding, Nnaji expressed his excitement at the appointment of the D-G, saying that Ewalefoh’s wealth of experience would revolutionise the PPP sphere in Nigeria.

“Indeed, a square peg has been placed in a square hole,” he said

The minister emphasised that the ministry served as a key enabler of economic growth and has had the support of Tinubu which was demonstrated through major approvals granted the ministry.

He said that the president had approved methanol production, saying that although the implementation process was still being finalised, foreign direct investments for the project had reached more than 1.5 billion dollars.

“We want to go into beneficiation of raw materials and we have the Presidential Executive Order No 5 to back it, such that we don’t have to export our raw materials, but process it to a level before exporting.

“We are looking at doing green hydrogen too,” he said.

Nnaji noted that Nigeria could make a lot more from cassava export than it was currently making if the raw cassava was processed before export.

“We believe that with ICRC, we will partner in doing things right and enabling us to forge a better outlook for most of these projects.

“In methanol, we are going to involve ICRC more closely to see the way forward and how it can benefit the country better.

“I am happy that you are here; coming here shows that you know what you are doing. You are taking services to those that need it,” he said. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

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