The Infrastructure Concession Regulatory Commission (ICRC) has announced that it will now issue the Outline Business Case (OBC) and Full Business Case (FBC) Certificates of Compliance within seven days. This accelerated approval process is part of President Bola Tinubu’s directive to the ICRC to boost infrastructure investment and development through innovative private-sector funding mechanisms.
President Tinubu’s charge to ICRC Director-General Dr. Jobson Ewalefoh emphasised the need to fast-track infrastructure projects as part of the Renewed Hope Agenda. In response, the ICRC management has streamlined its approval process to ensure that qualifying Ministries, Departments, and Agencies (MDAs) receive their compliance certificates within seven days.
Dr. Ewalefoh explained that this update in procedure will not compromise the Commission’s rigorous review standards. Only projects that meet viability, bankability, and value-for-money criteria will be approved.
“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 actualise this,” Ewalefoh added.
The ICRC, which regulates the Federal Government’s Public Private Partnership (PPP) initiatives, aims to address Nigeria’s infrastructure deficit that has impeded sustainable economic growth for years. The FBC document outlines detailed financials, costs, and risk frameworks for PPP projects, while the OBC offers an initial assessment of a project’s viability and direction.
The ICRC’s renewed focus on efficiency and collaboration with MDAs is expected to accelerate the implementation of critical infrastructure projects across the country.