ICRC to streamline project approval timeline to boost infrastructure development

The Infrastructure Concession Regulatory Commission (ICRC) has announced plans to streamline approval processes to enhance infrastructure development in the country.

Jobson Ewalefoh, ICRC’s director general (DG), in a statement on Monday, said the move follows a directive from President Bola Tinubu to accelerate investment in national infrastructure through innovative mobilisation of private-sector funding.

Ewalefoh said the streamlined processes will enable the commission to issue an outline business case (OBC) certificate of compliance and a full business case (FBC) certificate of compliance within seven days.

While OBC sets out the preliminary thoughts regarding a proposed project, FBC is a comprehensive document outlining the detailed investment plan, capital and operating costs, benefits, risks framework, and negotiated financials associated with a public-private partnership (PPP) project.

“In line with President Tinubu’s charge and the Renewed Hope Agenda, we have updated our approval processes,” he said.

“This process aims to issue either the OBC or FBC to Ministries, Departments, and Agencies (MDAs) that meet the requirements within seven days.

“This is part of the current administration’s efforts to accelerate infrastructure development, bridge infrastructure gaps, and stimulate the economy through private sector investment in public-private partnership (PPP) initiatives.”

According to Ewalefoh, the streamlining of ICRC’s processes does not mean the commission is compromising its stringent approval steps or key requirements.

“Therefore, only business cases that are viable, bankable, offer value for money, and meet all other requirements will be approved,” Ewalefoh said.

“The ICRC cannot achieve this alone; I urge all chief executives of ministries, departments and agencies (MDAs) to match our momentum and align with the President’s charge to accelerate infrastructure development.

“This will ensure that PPP projects are delivered within record time without being stalled.”

Ewalefoh also said the commission is ready to partner and collaborate with all MDAs to achieve the objective.