The Lagos Chambers of Commerce and Industry (LCCI) director-general, Muda Yusuf, has urged the government to strengthen public-private partnership (PPP) framework. This, he said, would stimulate interest and greater investment from the private sector, including foreign investors.
Yusuf disclosed in an interview with LEADERSHIP in Lagos at the 10th annual distinguished lecture organised by the Nigeria Institute of Quantity Surveyors (NIQS). According to the DG, since the government is not in a position to put money on every project, strengthening the PPP framework will ensure that the needed funds are made available by the private sector to bridge the yawning infrastructure gap in the country.
The lack of effective PPP framework, he argued, has made it difficult for would-be investors to partner the government on big projects. “How do you expect a person to investment over N1 billion in a project and then suddenly, the project is scuttled by the government due to lack of standard framework?” he queried.
While calling on the government to reconsider the high tariff on construction equipment, Yusuf said if this was done, the multiplier effect of investment in the construction sector is more than what the crude oil sector will generate, because it has more local involvement, like artisans, masons, than in the oil sector.
He ruled the high interest rate charged by local banks as a bane for the industry.
“Funding construction projects with money from our banks is impossible because the banks give short term funds, but high interest rate. This cannot work because the construction sector is a long-term thing,” Yusuf said.
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