Why Transparency is Necessary for PPPs in Nigeria - Biodun Adedipe

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Monday, September 06, 2021 / 10:00 AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV


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Transparency must be embedded in the terms and scope of Public-Private partnerships across Nigeria, especially in critical areas like infrastructure renewal and development.

 

Dr. Biodun Adedipe, the Chief Consultant, BAA Consult and an economist with over four decades of experience in the area of economic analysis, made this point while speaking on the topic "Leveraging PPP to Achieve a Stabilized Economy".

 

According to him, the government should provide policies that encourage the private sector to invest more in Nigeria, considering the considerable budget requirements for financing sectors/activities that can catalyze socio-economic growth.

 

For him, four things are essential to make  PPPs work in Nigeria: Access to funds, Cost efficiency in project delivery, Delivering quality infrastructure, and Ensuring shorter time to delivery.

 

On the proposed tolling of Federal Highways in the country, Adedipe emphasized the need for the agreements designed between the government and private partners to cover maintenance of the roads.

 

Assessing the challenging indicators for Nigeria in the area of Capital Importation for Q1, 2021, and Q2,2021, Adedipe said the country needs to attract more foreign and domestic investments.

 

Speaking on the plans to concession the airports in Nigeria, the economists advised the government to prioritize the commercially viable ones.

 

He called for transparency in selecting private partners for the PPPs in Nigeria, stressing that it will be a win-win situation for citizens and the government if competent private sector players are engaged in projects.

 

The financial analyst believed Nigeria must create the enabling environment for capital mobility, which means capital should come in and go out of the country without hindrances.

 

He added that the capital market and financial market performance are also vital in attracting investments, citing that in 2020 the Nigerian stock exchange was among the leading performers globally.

 

The former member of the Economic Advisory Team to Federal Government under Late President Umaru Yar'Adua made the bold statement that the utterances of government officials are crucial to attracting more foreign and domestic investments.

 

He noted that the statements of cabinet members in the Federal Government, alongside the President and Vice President, are critical to set the tone and provide clarity on the government's policy direction.

 

"If what the Ministers and Special Advisers in the Federal Government are saying inspires confidence and incentivizes investments(foreign and local), that means the economy will enjoy a positive trajectory", he added.


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