World Bank, commission to begin disclosure framework on PPP
• Supports Kogi State with gully erosion control
The Infrastructure Concession and Regulatory Commission (ICRC) has announced plans to begin full disclosure framework in the Public Private Partnership (PPP) sector.
The proposed policy was done in collaboration with the World Bank to raise businesses in the sector to internationally accepted standard. The Director General of the ICRC, Aminu Dikko, disclosed this at the weekend at the World Bank Country Office in Abuja.
Representatives of the Federal Government, the private sector investors, civil society groups and the academia attended the meeting. Dikko explained that the initiative was aimed at reducing the risk associated with investments in the infrastructure sector.
Under the new framework, necessary information about a project cycle must be released and published at all levels to guide investors’ decision. Before now, information about projects was kept secret until after the agreement had been signed.
The new framework is expected to attract investment into the country’s infrastructure sector and enhance transparency. According to the commission, the new policy would enable the Federal Government to channel funds meant for infrastructure into the provision of basic amenities to the people.
The DG, who was represented by the commission’s Executive Director, Support Services, Chidi Izuwah, said: “The essence of the full disclosure framework is to ensure that information about any transaction is transparently disclosed to the public. Transparency is one of the attributes of the Freedom of Information Act, which is also the thrust of the Federal Government’s anti-corruption fight.”
He added that with the new arrangement, investors could come from any part of the world to transact business based on the World Bank standard. The World Bank’s Senior PPP specialist, Shyamala Shukla, stressed that the bank’s assistance is to ensure that information is disclosed to stakeholders to quicken their response to investment drives.
Meanwhile, the Kogi State government has launched the Nigeria Erosion and Watershed Management Project (NEEMAP) in collaboration with the World Bank. The project is expected to tackle the gully erosion challenges in the state.
According to the World Bank Country Director, Rachid Benmessaqud, the NEWMAP would protect the environment and prevent pollution, as well as retain natural systems to alleviate the danger posed by flood.
The team leader of NEWMAP Dr. Amos Abu said they have identified eight sites where work would commence in the first phase of the project.