Ewalefoh: New policies designed to simplify processes, attract foreign investment

Nigeria is making significant strides towards bridging its infrastructure gap through innovative partnerships with private sector investors, multilateral development institutions, and regulatory reforms. Jobson Osedion Ewalefoh, Director General of The Infrastructure Concession Regulatory Commission (ICRC), emphasized the importance of leveraging private sector financing during an interview with CNBC Africa at the B20 event launch in Cape Town, South Africa. Ewalefoh highlighted the ongoing talks between the Nigerian government, World Bank, and the African Development Bank, which are creating lucrative opportunities for investment in the country. The ICRC, under Ewalefoh's leadership, is at the forefront of driving Nigeria's infrastructure development agenda. The commission aims to attract foreign investment by showcasing the country's commitment to creating an enabling environment for investors. Ewalefoh expressed optimism about Nigeria's potential as an investment destination, crediting President Buhari's government for prioritizing public-private partnerships (PPP) in major projects across various sectors. One of the key challenges in attracting financing for infrastructure projects in Nigeria has been investor confidence. Ewalefoh acknowledged that investors have been hesitant due to concerns about the regulatory framework and the security of their investments. However, he reassured that the government is working to address these issues by streamlining processes, implementing robust regulatory frameworks, and providing the necessary confidence for investors to view Nigeria favorably. The government's dedication to PPP is evident in its mandate for all ministries and government agencies to prioritize PPP for major projects. This strategic approach has led to the initiation of critical infrastructure projects such as roads, water facilities, and the AKK pipeline. To ensure successful project execution, the government is keen on attracting the right investors and fostering a conducive investment climate through events like the B20 summit. In addition to private sector partnerships, Nigeria is actively collaborating with multilateral development institutions like the African Development Bank (AfDB) and the International Finance Corporation (IFC) to drive infrastructure development. Ewalefoh highlighted the positive impact of these partnerships, citing the unwavering support from global institutions like the World Bank and the IMF. The AfDB president's regular visits to Nigeria signify a strong commitment to supporting the country's infrastructure agenda and offering collaborative solutions to bridge the existing gap. Overall, Ewalefoh's insight underscores Nigeria's progressive approach to infrastructure development and its dedication to fostering an investor-friendly climate. By prioritizing private sector financing, strengthening regulatory frameworks, and partnering with key stakeholders, Nigeria is poised to attract significant investments that will accelerate the country's infrastructure development and propel it towards becoming a prominent investment destination in Africa.