- The project approval board will supervise decisions, ensuring ministries and agencies follow guidelines when processing public-private partnership projects.
- The ICRC stressed its role remained strictly regulatory, not operational, ensuring transparency in project approvals and contract negotiations.
The Infrastructure Concession Regulatory Commission (ICRC) has unveiled new rules to decentralise approval powers for public-private partnership projects across the country.
The framework, which was issued in line with the ICRC Act of 2005 and a presidential directive, was presented during a high-level engagement with ministries, departments and agencies.
Under the new arrangement, ministries can now approve projects valued at less than ₦20bn, while agencies and parastatals may handle those below ₦10bn.
The commission added that a project approval board would be set up to supervise the process.
It explained that the guidelines detail requirements for outline business cases, full business cases, financial models, procurement processes, and compliance measures.
Presenting the framework in Abuja, the director-general of the ICRC, Jobson Ewalefoh, said the reforms were central to President Bola Tinubu’s economic agenda.
“These rules establish a definitive framework for the conception, development, and execution of PPP projects in Nigeria,” he said in a statement on Sunday.
“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.”
Ewalefoh clarified that the commission remained a regulator and not an operator or grantor of projects.
He also stressed that the ICRC would continue to mediate negotiations between MDAs and private investors to ensure fair and bankable agreements.
“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 work with government agencies, financiers, investors, and development partners to position Nigeria as Africa’s leading hub for PPP investments.