*“The Future is in Public-Private Partnership”
*Propose “bankable capital” as a solution towards halting the dearth of Nigeria’s infrastructure.
The focus of the 17th NBA-SBL Annual Confab held in Lagos from the 5th – 7th of July, 2023 was: “The Nigerian Business Landscape: Priorities for law, policy and regulation,”.
As such discussions revolved around key sectors such as infrastructure, energy, mining, and telecommunications, etc. This was more so as currently, the discussions across African continent is hampered on how critical stakeholders have leveraged on Public-Private Partnerships (PPPs) to bolster budgetary shortfalls in the following key sectors: key sectors such as infrastructure, energy, mining, and telecommunications, etc.
On it’s own, the PPPs are growing to be visualized as a veritable tool in actualizing the UN’s Sustainable Development Goals (SDGs) in emerging economies. However, as a result of this increase in popularity, issues has arisen as it relates accountability, transparency, and the debt burden associated with PPPs, and the necessity for the presence of reliable policies and regulatory frameworks needed to focus and address these concerns in a bit establish PPPs as more resilient. This is more so, as experts have agree that notwithstanding it’s possibilities and effectiveness, PPP must be used carefully and responsibily.
On the premise of this forgoing, the Panel Session of the 17th NBA SBL Confab was geared towards answering the relevant questions and addressing concerns associated with PPP. The session was anchored by Jobalo Ogunkanlu , Executive Director at ARM-Haring Investment Ltd., the panelist included: Dapo Oduwole , the director-general of the Ogun State PPP Agency; his Nassarawa State counterpart in the person of Ibrahim Abdullahi, CEO of that state’s Investment Development Agency; Diekola Onaolapo , Managing Director & Founder of Excellion Capital; Opiuyo Oforiokuma , Senior Partner at the Africa 50 Infrastructure Acceleration Fund; and Tobenna Erojikwe , Partner at The Law Crest LLP.
One of the conclusions of the panel session was the pertinent need for halting the dearth of infrastructure in Nigeria by leveraging on what one of the Panelist, Oforiokuma tagged as ‘bankable capital’. Also, the panelist agreed that to balance the need with the following: 1. The human element of development. Commenting on this, Abdulahi reminded the assembled conferees, that The silent ‘P’ in the PPP equation is ‘People’.
2. The panelist agreed on the need to create a balance of regulation (which would ensure accountability and transparency, as mentioned earlier) with the creation of an enabling environment;
3. The urgent need to balance the hunger for infrastructural development with the challenge of climate change vis a vis the impact it has on the natural ecosystem and human communities. On this, another panelist, Oforiokuma noted that Africa could be a global leader in this regard – especially as it has contributed so meagre to the problem of climate change relative to the more industrialized economies. He noted that if the rules are followed, (in his view, even if the West which originates those rules hardly does) while pursuing sustainable development goals, Africa could in his view would be a torchbearer for a more responsible global developmental paradigm;
3. The panelist noted there was need for the federal government of Nigeria, along with corporate and intergovernmental organizations, to be more robust and intentional in their engagement with states and other subnational stakeholders – considering the fact that the bulk of PPP projects actually reside within the purview of state governments.
In conclusion, we must take cognisance of the fact that the future of development, as one Panelist, Ogun State’s Oduwole put it, is in PPP. Therefore it is pertinent for Stakeholders to endeavour to ensure proper planning and structure of the ecosystem more strategically, and in a more efficient and timely manner.
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