President Bola Tinubu has reaffirmed Nigeria’s commitment to leveraging Public-Private Partnerships (PPPs) as a central strategy to bridge the country’s vast infrastructure gap, estimated at over $2.3 trillion.
Speaking during the opening ceremony of the 2025 Nigeria Public-Private Partnership (PPP) Summit in Abuja on Monday, the President assured international investors that Nigeria is open for business and ready to welcome investment.
Tinubu, who was represented by Vice President Kashim Shettima, emphasised that Nigeria can no longer build a 21st-century economy using 20th-century infrastructure, stressing that the era of government-only funding for capital projects is no longer sustainable.
He stated, “We are not asking investors to bear burdens; instead, we are offering opportunities to create value.”
“We seek long-term partners who are committed to closing our infrastructure gap with purpose, accuracy, and integrity.”
The President noted that the Tinubu administration, now over two years into its tenure, has implemented bold economic reforms—including the removal of fuel subsidies, liberalisation of the foreign exchange market, and optimisation of government revenues—all aimed at creating a more attractive investment climate.
“We have reinforced the ICRC, reduced bureaucratic hurdles, and aligned our infrastructure development processes with international best practices,” he added.
“However, policies alone won’t generate power or build roads; what is essential is collective effort.”
Tinubu explained that under the guidance of the National Integrated Infrastructure Master Plan (2020–2043), the government aims to raise Nigeria’s infrastructure contribution from 30–35% of GDP to at least 70% by 2043.
He highlighted Nigeria’s vast market potential, pointing to the country’s population of over 230 million—projected to reach 440 million by 2050—making Nigeria the third most populous country in the world.
“One in every four Black people worldwide is Nigerian. There is no African market like this,” Shettima remarked. “But beyond attracting investment, we require innovation, efficiency, and integrity.”
He urged investors not to be discouraged by perceived risks but to recognise the immense opportunities to develop sustainable projects that deliver real impact—from roads and electricity to clean water, quality education, and healthcare.
“Let this summit be remembered not for empty rhetoric—which we have heard for decades—but for viable projects, signed agreements, and lasting progress,” he emphasised.
Reaffirming the government’s dedication to rapid implementation, Tinubu assured that promising projects would be prioritised, and effective coordination across ministries and agencies would be maintained.
He declared, “Nigeria has reached a turning point. We have crossed a decisive threshold. We are on a steady path toward lasting peace and growth. Nigeria is ready, and we are open for business.”
Earlier, Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), reaffirmed the Federal Government’s determination to address Nigeria’s infrastructure deficit estimated at over $2.3 trillion through strategic Public-Private Partnerships (PPPs).
Ewalefoh commended President Tinubu for repositioning infrastructure as a cornerstone of inclusive economic growth and for championing PPPs as a governance model rooted in innovation, efficiency, and accountability.
Citing initiatives such as the Highway Development and Management Initiative, the Egini Medical Infrastructure Scheme, and the Dasin Hausa Dam, the DG highlighted Nigeria’s efforts to lay the groundwork for sustainable, private-sector-led development.
He reassured investors of Nigeria’s pro-business posture, emphasising the ICRC’s commitment to ensuring that all PPP projects are legally compliant, economically viable, and socially impactful.
The DG also referenced recent presidential directives mandating full compliance by Ministries, Departments, and Agencies (MDAs) with PPP guidelines. He also praised Vice President Shettima and key development partners, including the AfDB, NESG, Afreximbank, IFC, and Africa50, for their continued support.
The summit, hosted by the Infrastructure Concession Regulatory Commission (ICRC), brought together key stakeholders from both the public and private sectors to foster collaboration aimed at addressing Nigeria’s $2.3 trillion infrastructure deficit.
