The Infrastructure Concession Regulatory Commission (ICRC) is an agency of the Federal Government of Nigeria responsible for the development and implementation of the Public-Private Partnership (PPP) framework for the provision of infrastructure services.

ICRC was established in 2008 under the Infrastructure Concession Regulatory Commission (establishment, etc.) Act, 2005 [1] to regulate the Public-Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

Mandate

The ICRC (establishment, etc.) Act 2005[1] empowers the Commission to:

  • Take custody of every concession agreement made under the enabling Act and monitor compliance with the terms and conditions of such agreement;
  • Ensure efficient execution of any concession agreement or contract entered into by the Federal Government of Nigeria,
  • Ensure compliance with the provisions of the ICRC Act;[1]
  • Perform such other duties as may be directed by the President, from time to time, and as are necessary or expedient to ensure the efficient performance of the functions of the Commission under the ICRC Act.

The enabling Act, therefore, mandates the Commission to manage the complex arrangements that the PPP process entails, as well as build capacity within MDAs to handle such arrangements themselves, subsequently.

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The ICRC is also expected to monitor the implementation of such arrangements according to best practice, ensuring that the desired service standards are attained and maintained, value for money is assured and that the private sector operators are in a position to recoup their investment in a fair and equitable manner.

Roles and functions

The role/functions of the ICRC are derived from the mandate and include:

  • Promoting, facilitating, supporting, and coordinating the implementation of a sound PPP Process, while ensuring that principles of good governance are applied to all of the functions that form part of it;
  • Providing guidelines and transaction support and building capacity in all Federal Government Ministries, Agencies and Departments (MDAs) for project development, tendering, negotiation, and contract execution;
  • Developing guidelines for monitoring contract compliance during construction, operation, and contract termination and supporting the MDAs assigned to this task;
  • Collaborating with other agencies, including similar state-level PPP units, to implement cohesive national legal, policy, and regulatory environment that is conducive to private sector investment in Nigeria’s infrastructure projects.

Objectives

The key strategic objective for the Infrastructure Concession Regulatory Commission (ICRC) is to accelerate investment in national infrastructure through private sector funding by assisting the Federal Government of Nigeria and its Ministries, Departments, and Agencies (MDAs) to implement and establish effective Public Private Partnerships (PPP) procurement.

The main objectives of the ICRC includes

  • Building a pipeline of public infrastructure investment projects using the Ministries, Departments, and Agencies that are high priorities for FGN and which can attract private sector investment.
  • Ensuring that a robust, transparent, efficient, and equitable process is developed for managing the selection, development, procurement, implementation, and monitoring of PPP projects and that this process is applied consistently to all relevant projects.
  • Ensuring that the advantages and requirements of PPP’s are well appreciated at the National level amongst potential investors and by other relevant stakeholders.

Source: Wikipedia

For info, visit www.icrc.gov.ng