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Concession of Nigerian Transportation Sector: Amaechi assures Investors of “Sanctity of Contracts”

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Wednesday, May 03, 2017 4.30pm/Proshare WebTV

 

The Minister  for  Transport  Rt. Hon. Rotimi Amaechi has assured investors that the Buhari administration is committed to the “Sanctity of Contracts”, in the area of concession of projects  in the country.

He stated this at the roundtable on Transportation, organized by the Nigerian-British Chamber of Commerce in Lagos.

The roundtable which focused on the theme “The Role of Concession in Fixing Nigeria’s Transportation Sector”, brought together stakeholders to discuss viable ways of achieving a seamless and sustainable concession plan for the transportation space.

Amaechi said the Federal Government will guarantee all concession agreements, partnerships and contracts which it inherited, safeguarding them from being truncated.

Understanding the concerns of investors over the approach of government to concession contracts in the country, Amaechi assured them that the Buhari administration will be guided by the rule of law.

Giving the keynote presentation for the day, the Transport minister noted that airports were currently going through  concession, which he admitted has been a long and tedious process.

On the maritime sector, the Minister confirmed the report that there was a comprehensive audit process to review the concession that was carried in the past and a repositioning of the Nigerian Maritime Administration and Safety Agency (NIMASA), as a regulatory agency.

For the rail sector, the Minister informed stakeholders and investors that the prospects for concession, was now at the stage of a Final Business Case and approval by the Federal Executive Council.

In his remarks, the President of the Nigerian-British Chamber of Commerce (NBCC) Prince Adedapo Adelegan was delighted to host the Minister and made a strong case for private sector participation in developing the transportation sector.

Prince Adelegan said “According to a recent Oxford Business Report, Nigeria’s Transportation sector has faced an extended overhaul”. He believed concession will create room for the massive improvement of the Transport sector.

The roundtable also featured a panel session, with key experts and technocrats namely; Mr Eyo Ekpo, ED, Business Development, General Electric, Mr Bello Hassan, Executive Secretary, Nigerian Shippers Council, Mr Reuel Andrews, Senior Vice-President, Head Transport Infrastructure, Africa Finance Corporation and Mr Martin Jacob, MD APM Terminals.

They agreed that political will, value for processes, effective planning, structuring projects that are bankable, adoption of technology, robust regulatory frameworks and legislative support were key elements needed for the success of the Transportation concession. 

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