GOVERNMENT HAS NO BUSINESS IN BUSINESS OF INFRASTRUCTURAL MANAGEMENT- OYETOLA 11-10-24
By Sadiq Aminu The Minister of Marine and Blue Economy Mr Adegboyega Oyetola, says the government has no business in business when it comes to infrastructural management.
He stated this when he received on a courtesy visit, the Director General, Infrastructure Concession Regulatory Commission and management team of Infrastructure Concession Regulatory Commission (ICRC) at the ministry in Abuja.
Mr Oyetola stated that the Ministry would partner with the Infrastructure ICRC and BPE in identifying world best practices and also the appropriate Public and Private Partnership models in the rehabilitation, modernization and concession the Nigerian ports.
The Minister also urged them to partner with the private sector to provide the much needed boost to revitalize and revamp the port industry.
He observed that the prior devised PPP models usually end up in avoidable bottlenecks due to over reliance on the government for funds by the private sector.
Oyetola however decried instances when investors draw up robust business scales that at face value appears viable and achievable but after getting approvals and commencement of implementation, fail to raise or bring up the needed funds for these projects.
Providing further insight into delays with rehabilitation of the ports, Oyetola explained that “We are not delaying the rehabilitation of ports terminals, in fact, it was taken to FEC in 2021 but was rejected for lack of sufficient funds. Again, the World Bank was engaged, but all terms and conditions couldn’t apply because of the timing.
“In the rehabilitation and modernization of these ports, you need to consider all that in determining the appropriate terms and conditions that will apply,” he concluded.
The Director General, Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh stated that for Nigeria to fully maximize the potentials of the marine sector, the private sector funding is sacrosanct because the government must operate the PPP approach.
Ewalefoh noted that Nigeria is blessed with vast marine resources, and if well harnessed portends capacity to turnaround the fortunes of the country and position the nation as a key player not just in West Africa, but the entire continent.
He pointed out that the concessions of the twenty-six port terminals in 2006 was a step in the right direction, and that more needs to be done to explore the opportunities in the marine industry.