Public-private (ICRC) Act 2005 that is responsible for

Public-private
partnership (PPP) is an arrangement between one or more public sector entity
and private sector entity for providing a general asset or service over a prolonged
period, in which the individual sector bears the risks involved and management
responsibility. According to Infrastructure Concession Regulatory Commission
(ICRC), public-private partnership is a form of procurement that requires a
justifiable agreement between a public sector body and a private sector body.
Also, public-private partnerships refer to arrangements where the private
sector supplies infrastructure-based assets and infrastructure-based services
that traditionally have been provided by the government (Cangiano, Anderson, Alier,
Petrie, & Hemming, 2006). The common themes
of public-private partnerships (PPPs) are the balance of risk sharing and the
fostering of long-term relationships between the public and private sectors
(through a mutual agreement). PPP typically involves a private entity
financing, constructing, or managing a project in return for a promised stream
of payments directly from the government or indirectly from users over the
projected life of the project or some other specified period of time (Weimer & Vining, 2004). The features of
public-private collaboration include private investment, risk sharing and
provision of services by the private sector; and the types of public-private
partnership: Build-Operate-Transfer, and Design-Build-Finance-Operate-Transfer.

Over
the last decade or so, financing the private sector through public-private
partnerships has become a sought-after in the world as a means of procuring and
maintaining public-sector structure, where sub-sectors such as transportation
(roads, bridges, railways and airports), social infrastructure (housing,
hospitals and public schools), public utilities (waste management and electricity
supply facilities) and other specialized services (such as security equipments
and communication networks) (Ikpefan, 2009).         The Infrastructure Concession
Regulatory Commission (ICRC) Act 2005 that is responsible for setting forth
guidelines to promote, facilitate and ensure Public Private Participation (PPP)
projects in Nigeria need to provide value for money for infrastructure services
so as to enhance economic growth. The government has made a move in the past
few years in meeting the building blocks. The establishment of institutions
such as the National Communications Commission (NCC); National Electricity
Regulatory Commission (NERC) Reform Act 2005; National Inland Waterways
Authority Act 2004; Federal Highway Act 2004; Federal Environmental Road
Maintenance Agency (FERMA); Toll Road Concession Company (LCC) and others, will
enhance more Public-Private Partnership policy investments in the
infrastructural financing in Nigeria (Infrastructure Concession
Regulatory Commission (ICRC), 2017). The Public-Private
Infrastructure Advisory Facility (PPIAF) a multi-donor technical assistance
facility which was created to help governments in developing countries is
expected to improve the quality of infrastructure through a partnership with
the private sector (Ikpefan, 2009).         Nigeria in the last years has given
room to some PPP Projects, but, the some of the projects have failed to capture
the essence and importance of such projects. The purpose of this study is to
assist the ruling government authorities involved the national policy process
on public-private partnership (PPP) such as the Infrastructure Concession
Regulatory Commission (ICRC), Bureau of Public Procurement (BPP); Debt
Management Office (DMO); Bureau of Public Enterprises (BPE); Federal Ministry
of Finance (FMF); Office of the Accountant General of the Federation (OAGF); National
Planning Commission (NPC); and Ministries, Departments and Agencie (Infrastructure Concession
Regulatory Commission (ICRC), 2017).         Public-Private Partnership projects
are aimed improving business environment and competitiveness through privatisation
and effective public-private partnership with the notion of increasing the
level of private investment and strengthening the poverty mitigation priority
in the government’s economic management.          Nigeria has a significant
infrastructure deficit which is holding back its development and economic
growth. To close the gap, it requires more investments beyond the means and
capital base available to the government and the Federal Government believes
that the private sector can play a crucial role in providing some of the new
investment opportunities through public-private partnership projects (Ikpefan, 2009)

         However, this is the most appropriate
period for the Public-Private Partnership (PPP) in the development of Nigeria,
and this can take the form of concession, build-own-operate-transfer (BOOT),
venture capital, etc. (Ikpefan, 2009)

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