Infrastructure: ICRC to Issue Approval Certificates Within Seven Days
CHIGOZIE AMADI
The Director General, Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, said the commission will henceforth issue the Outline Business Case (OBC) Certificate of Compliance and Full Business Case (FBC) Certificate of Compliance within seven days.
The move followed President Bola Tinubu’s directive to the commission’s boss, to accelerate investment in national infrastructure through innovative mobilisation of private-sector funding.
The president also charged him to work assiduously to boost infrastructure development in the country as part of the Renewed Hope agenda of the current administration.
In line with Tinubu’s order, the ICRC has therefore, streamlined the approval processes to issue its certificates of compliance within the specified period.
Ewalefoh said the development will accelerate the turnaround time for approvals by the commission.
In a statement by ICRC’s acting Head, Media and Publicity, Mr. Ifeanyi Nwoko, the ICRC DG said, “This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.
“By streamlining our processes, the commission is in no way foregoing any of its stringent 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.”
He said, “The ICRC cannot do it alone, therefore, I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.
“The commission is ready to partner and collaborate with all MDAs to actualize this.”
In August, the commission rolled out a six-point policy direction which among other things, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.
The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the federal government aimed at addressing the country’s physical infrastructure deficit which hampers economic development.
