Tinubu’s reforms: ICRC new framework unlocks billions in private investment

In a bold step to accelerate infrastructure delivery and attract private investment, the Infrastructure Concession Regulatory Commission (ICRC) has issued new guidelines governing the development and implementation of Public-Private Partnership (PPP) projects across Nigeria.

The regulatory framework, released in line with President Bola Ahmed Tinubu’s directive, was unveiled during a high-level stakeholders’ engagement with Ministries, Departments, and Agencies (MDAs) involved in PPPs.

The guidelines establish clear requirements for project approvals, including a new threshold of under ₦20 billion for ministries and under ₦10 billion for agencies and parastatals, while providing detailed steps for preparing Outline and Full Business Cases, financial models, procurement routes, and PPP agreements.

Speaking at the unveiling, the Director-General of ICRC, Dr. Jobson Oseodion Ewalefoh, emphasised that the reforms are directly tied to the President’s vision of liberalising the economy and leveraging private sector finance for national development.

“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,” Ewalefoh said.

He stressed that compliance is non-negotiable: “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.”

Ewalefoh also clarified that the ICRC is not a grantor or operator of projects but a regulator tasked with ensuring fairness, accountability, and implementable agreements.

He underscored that while MDAs have been delegated greater authority, the responsibility comes with heightened accountability and zero tolerance for non-compliance.

By the end of the session, participants expressed strong support for the reforms, signalling readiness to begin immediate implementation.

The ICRC reaffirmed its commitment to working closely with MDAs, investors, financiers, and development partners to make Nigeria Africa’s leading hub for bankable and transformative PPP projects.