By Okeoghene Akubuike
The Federal Government has unveiled a Model Public-Private Partnership (PPP) Agreement aimed at accelerating infrastructure development, reducing transaction delays, and attracting long-term private investment into critical sectors of the economy.
Dr Jobson Ewalefoh, Director-General, Infrastructure Concession Regulatory Commission (ICRC), disclosed this at a One-Day Stakeholder Engagement Session on the Model PPP Agreement in Abuja on Tuesday.
Ewalefoh said the agreement was designed to provide a standardised framework for PPP transactions and strengthen Nigeria’s capacity to mobilise private capital to bridge its estimated 2.3 trillion dollars infrastructure deficit.
According to him, Nigeria requires approximately 100 billion dollars annually to close the infrastructure gap by 2043, a task that cannot be achieved through government funding alone.
Ewalefoh noted that government resources alone could not fund the nation’s infrastructure needs, making private sector participation critical to achieving development objectives under the administration of President Bola Tinubu.
“The pertinent question is this: if PPPs must carry this national weight, what will sustain the PPPs themselves?.
“This is the gap the ICRC has spent nearly two years closing through the Model PPP Agreement we gather here today to unveil and examine,” he said.
The ICRC boss explained that for almost two decades after the enactment of the ICRC Act in 2005, PPP transactions in Nigeria were negotiated on a project-by-project and MDA-by-MDA basis.
He said this often resulted in inconsistencies in risk allocation and dispute resolution mechanisms, leaving Nigeria exposed and investors uncertain.
The director-general said the absence of a uniform framework often prolonged negotiations, increased transaction costs, triggered disputes and discouraged lenders from committing long-term capital to infrastructure projects.
Ewalefoh explained that the new agreement was developed through extensive consultations with legal and financial experts, transaction advisers, PPP practitioners, Ministries, Departments and Agencies(MDAs), investors and lenders.
Ewalefoh said the document was benchmarked against international best practices and tailored to align with Nigerian laws and regulations.
The director-general stressed that the agreement was not intended to replace project-specific structuring or professional advisory services, but rather to provide MDAs with a reliable baseline for negotiations with greater speed, security and sophistication.
He said the framework contained provisions on risk allocation, insurance, force majeure, changes in law, dispute resolution, lender protections, performance monitoring and anti-corruption safeguards.
He added that disputes under PPP projects would follow a structured process involving consultation, negotiation, possible intervention by the ICRC and, where necessary, arbitration under the Arbitration and Mediation Act, 2023.
Ewalefoh further stated that the framework incorporated contract management, performance monitoring, reporting obligations and anti-corruption safeguards to ensure accountability throughout the concession lifecycle.
“The philosophy behind this agreement is simple: predictability for the government, protection for investors and performance for the Nigerian public,” he said.
Ewalefoh said the framework would enable MDAs to shorten the path from project conception to financial close, reduce disputes through clearer contractual provisions and improve alignment with statutory approval processes.
He urged MDAs to study the agreement carefully, adapt it responsibly to sector-specific realities and submit modified versions to the ICRC for statutory review.
The ICRC boss also commended the Federal Ministry of Justice for its role in developing the agreement, saying its officials worked closely with the commission’s drafting team to ensure compliance with the Constitution and Nigerian laws.
He noted that the ministry’s contributions strengthened provisions relating to dispute resolution, arbitration, indemnity, liability, force majeure and termination.
Ewalefoh said the agreement would support access to alternative funding sources such as pension funds, Sukuk, green bonds and blended finance instruments.
The director-general said the model agreement would help build a more disciplined, credible and investor-friendly PPP ecosystem capable of supporting the country’s long-term development objectives.
He expressed confidence that collaboration among the ICRC, MDAs, development partners and private investors would help bridge Nigeria’s infrastructure gap and deliver projects that align with the objectives of the Renewed Hope Agenda.
The News Agency of Nigeria (NAN) reports that the stakeholders’ engagement session was attended by representatives of MDAs, development partners, legal practitioners, financial experts and private sector investors. (NAN)(www.nannews.ng)
Edited by Vivian Ihechu