ICRC Revises Public-Private Partnership Guidelines

The Infrastructure Concession Regulatory Commission (ICRC) has introduced revised guidelines for Private Public Partnership (PPP) projects in Nigeria, setting clear approval thresholds of N20 billion for Ministries and N10 billion for Agencies and Parastatals.

The commission said the new framework, released under the statutory powers conferred on the commission by the ICRC Act, 2005, and in compliance with the Presidential directive, was formally unveiled during a high-level stakeholders’ engagement with representatives from all Ministries, Departments, and Agencies (MDAs) of the federal government directly involved in PPPs.

The director general of the ICRC, Dr. Jobson Oseodion Ewalefoh, presented the guidelines, took stakeholders through each section, responded to questions, and clarified points to ensure a clear understanding.

The guidelines provide directions and requirements for setting up the Project Approval Board for the new approval thresholds of under N20 billion for Ministries and under N10 billion for agencies and parastatals as approved by the President. They provide steps for preparing the Outline Business Case (OBC), Full Business Case (FBC), and financial model and guide the procurement routes and PPP agreement, among other things.

Speaking about the new framework, Dr. Ewalefoh said, “These guidelines establish definitive ceilings for project approvals, empowering Ministries to approve projects under N20 billion and Agencies under N10 billion. This decentralisation is designed to speed project delivery without compromising regulatory oversight.”

The guidelines, released under the authority of the ICRC Act 2005 and following a Presidential directive, were unveiled during a high-level engagement with representatives from all relevant Federal Government Ministries, Departments, and Agencies (MDAs).

Dr. Ewalefoh elaborated on the approval process, explaining, “The Project Approval Board will henceforth operate within these new thresholds, ensuring that all PPP projects comply with detailed requirements, including preparing the Outline Business Case (OBC), Full Business Case (FBC), and an approved financial model.”

He emphasised the importance of compliance: “Every PPP project—regardless of sector or size—must strictly adhere to these provisions. All projects will be subjected to the commission’s thorough due diligence and compliance checks.”

On the broader objectives, Dr. Ewalefoh remarked, “These new rules respond directly to President Bola Ahmed Tinubu’s vision to liberalise the economy. We charge to attract private sector finance for infrastructure development through innovative PPP models.”

He was clear regarding the ICRC’s role: “The commission remains the regulator of PPPs, not the operator or grantor of projects. We will continue facilitating and coordinating negotiations between MDAs and private proponents to ensure fair and implementable agreements.”

He also addressed accountability measures, stating, “With the Presidency delegating greater approval authority to MDAs, there comes heightened accountability and zero tolerance for non-compliance. We expect all stakeholders to uphold these standards rigorously.”

The engagement ended with strong support from participants who expressed readiness to implement the new guidelines immediately.

Dr. Ewalefoh affirmed, “The ICRC is committed to collaborating closely with MDAs, private investors, financiers, and development partners to position Nigeria as the continent’s leading destination for bankable and transformative PPP projects.”

“The new guidelines are in response to President Bola Ahmed Tinubu’s vision to liberalise the economy and align with his charge to the ICRC to seek innovative ways to attract private sector finance to build infrastructure through PPPs.

By the end of the engagement, participants expressed strong support for the reforms and a readiness to begin implementing the new guidelines immediately.

While presenting the guidelines, Dr. Ewalefoh stressed: “These rules establish a definitive framework for the conception, development, and execution of PPP projects in Nigeria. They decentralise project approvals to empower MDAs for faster delivery while safeguarding the ICRC’s role as regulator of PPPs in Nigeria.

“Every PPP project — regardless of sector, scale, or origin — must strictly comply with these provisions. Every project shall be subjected to our due diligence and compliance requirements.”

He re-emphasised the ICRC’s role as a regulator of PPPs and not an operator or Grantor of projects. He informed the participants that the Commission will continually facilitate and coordinate negotiations between MDAs and Private Developers to ensure that the terms and conditions of agreements are fair to the parties and implementable.

He underscored that the Presidency’s decision to delegate greater approval authority to MDAs, with ICRC regulating the process, also comes with heightened accountability and zero tolerance for non-compliance.

The ICRC reaffirmed its commitment to collaborate with MDAs, private investors, financiers, and development partners to reposition Nigeria as the continent’s leading destination for bankable and transformative PPP projects.