Abdulwahab Isa 
The Federal Government of Nigeria and the International Finance Corporation (IFC), a member of the World Bank Group are in talks to explore alternative options such as a capital market for funding infrastructure development through Public-Private Partnerships (PPP).
The Infrastructure Concession Regulatory Commission (ICRC) confirmed the update in a statement issued on Sunday by Ifeanyi Nwoko, the Acting Head of Media and Publicity at the Commission.
The talks dwell on developing and unlocking Nigeria’s capital market.
Dr Jobson Ewalefoh, the Director-General of ICRC, emphasized the significance of the World Bank team’s visit, stating that it could redefine the landscape of infrastructure development in Nigeria.
He highlighted that alternative finance options, such as unlocking the capital market to fund PPPs, are central to his innovative financing policy agenda.
“The World Bank and IFC were here to see what we can do in unlocking the potential of the capital market in funding infrastructure development. We deliberated on the opportunities, challenges, and importance of accessing the huge funds available in the capital market for infrastructure.
In my deliberation, I focused on the potential for investors to invest in Nigeria based on the viability and bankability of projects. At the end of the day, we agreed that viability is not a problem, but there are other risks that investors are wary of,” Ewalefoh said.
Ewalefoh also pointed out the lack of information about the investment opportunities in Nigeria and urged the World Bank to increase support for Nigerian government agencies by providing funds and capacity development to generate more eligible project pipelines. He stressed that the ICRC would enhance communication about Nigeria’s investment potential.
The Director-General highlighted the nexus between investment opportunities in Nigeria and the role the capital market could play in tapping into that potential. He added that the commission had streamlined its PPP processes to ensure the accelerated delivery of infrastructure projects.
Ms Patricia Canziani, leader of the World Bank delegation, said: “The essence of the meeting is to gather the information that would enable the bank to introduce its Joint Capital Markets Programme (J-CAP) in Nigeria, which we have introduced to 20 countries worldwide.”
She explained that the program aims to work with stakeholders in Nigeria to support the development and roles of the capital market. “The Capital Market holds many opportunities for funding PPP.
The Nigerian Capital Market already has different products, but we can support the development of newer products in the country,” Canziani added.
The visit to ICRC was part of a series of meetings with strategic government and private stakeholders relevant to its mission.
