Infrastructure Development: ICRC Sets 7 Days for Approval Certificates

BY COBHAM NSA – The Infrastructure Concession Regulatory Commission (ICRC) is committed to harnessing innovative private sector financing for national infrastructure development. To this end, the Commission has set aside seven days to issue the Outline Business Case (OBC) and Full Business Case (FBC) Certificates of Conformity for contractors.

According to ICRC Director-General Dr Jobson Oseodion Ewalefoh, the Commission has streamlined the approval procedures for the issuance of its certificates of compliance within a week.

He said that the current measures would effectively address administrative bottlenecks and shorten the lead time for approvals by the Commission.

Ewalefoh, who acknowledged that the move was in response to President Bola Ahmed Tinubu’s directive to the Commission to “accelerate investments in national infrastructure through innovative mobilization of private sector financing”, said: “In line with the directive of His Excellency, President Bola Ahmed Tinubu (GCFR) and in pursuance of his Renewed Hope Agenda, we have streamlined and upgraded our approval processes to issue within seven days either the Outline Business Case Certificate of Compliance (OBC) or the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements.

“This is part of the current government’s efforts to accelerate infrastructure development, close infrastructure gaps and stimulate the economy through investment of private sector funds in public-private partnerships.”

In a statement by the ICRC Acting Head of Media and Publicity, Ifeanyi Nwoko, the Director-General was further quoted as saying: “By streamlining our processes, the Commission is in no way abdicating its rigorous approval steps or key requirements. Therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.

“The ICRC cannot do it alone, so I call on all CEOs of ministries to follow our momentum and join the President’s mandate to accelerate infrastructure development and ensure that PPP projects do not stall at any point, but are delivered in record time.

“The Commission stands ready to work with all ministries to achieve this.”

Frontpage News notes that in August 2024, the ICRC chief rolled out a six-point policy aimed at accelerating PPP processes, encouraging inter-agency cooperation and ensuring innovative financing.

The ICRC was established to regulate the federal government’s efforts in public-private partnerships (PPP) and aims to address Nigeria’s physical infrastructure deficit, which is hampering economic development.

A FBC is a comprehensive document that sets out the detailed investment plan, capital and operating costs, benefits, risk framework and negotiated financials of a PPP project.

It is prepared and submitted by the MDA to obtain the approval of the Federal Executive Council (FEC) as required by Section 2(2) of the ICRC Establishment Act, and forms the basis for securing funding, approvals or partnerships.

The OBC is less detailed than the FBC, but it does provide insight into the viability and bankability of the project, creating a solid foundation for the overall strategy and direction of the project.