ICRC unveils decentralised PPP approval framework to unlock private capital

The Infrastructure Concession Regulatory Commission (ICRC) has decentralised approval powers for public-private partnership (PPP) projects in a bid to fast-track infrastructure delivery and attract private capital.

Unveiling new guidelines in Abuja, Jobson Ewalefoh, director-general of the ICRC, said the framework was issued under the ICRC Act of 2005 and in line with a presidential directive to liberalise the economy.

“These rules establish a definitive framework for the conception, development, and execution of PPP projects in Nigeria,” Ewalefoh said. “They empower MDAs to deliver faster while safeguarding the ICRC’s regulatory role. Every project, regardless of size or sector, must strictly comply with these provisions.”

Under the new rules, ministries can now approve projects valued below N20 billion, while agencies and parastatals are authorised to handle projects under N10 billion. A project approval board will also be set up to oversee the process.

The guidelines further outline requirements for outline business cases (OBCs), full business cases (FBCs), financial models, procurement options, and compliance steps.

Ewalefoh clarified that the commission remains a regulator and not a grantor or operator of projects, adding that it will continue to facilitate negotiations between MDAs and private proponents to ensure fairness and bankability.

See Also

World Bank raises Nigeria’s 2026 economic growth rate projection to 4.4%

“While approvals are being decentralised, the presidency has reinforced accountability, with the ICRC warning of zero tolerance for non-compliance,” he said.

The commission pledged to partner with MDAs, private investors, financiers, and development agencies to position Nigeria as Africa’s leading PPP hub.