The Ministry of Marine and Blue Economy as part of efforts to restructure, transform and improve efficiency within the nations ports has indicated resolve to partner with the Infrastructure Concession Regulatory Commission (ICRC) and the Bureau of Public Enterprise (BPE) in identifying world best practices and also identifying the appropriate Public and Private Partnership models in the rehabilitation, modernization and concession the Nigerian ports.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, stated this when he received on a courtesy visit, the Director General, Infrastructure Concession Regulatory Commission and management team of ICRC at the ministry in Abuja.
Speaking, the Minister noted that the prior devised PPP models usually end up in avoidable bottlenecks due to over reliance on the government for funds by the private sector. He maintained the government has no business in business when it comes to infrastructural management and thus called on the ICRC and BPE to partner with the private sector to provide the much needed boost to revitalize and revamp the port industry.
Speaking further on identifying competent partners, Oyetola decried instances whence investors draw up robust business scales that at face value appears viable and achievable. But after getting approvals and commencement of implementation, fail to raise or bring up the needed funds for these projects.
The Minister further maintained that the Commission should work with BPE to fashion out ways and proffer viable options that will make the PPP arrangements work in the ports sector. He called on the ICRC to determine the proper models of PPP in the concession of ports across the country stressing that for the rehabilitation and modernization of ports to be carried out, the private sector that has the means must be willing to play its role for ports to operate at maximum capacity in Nigeria.
Providing further insight into delays with rehabilitation of the ports, Oyetola was that “We are not delaying the rehabilitation of ports terminals, in fact, it was taken to FEC in 2021 but was rejected for lack of sufficient funds. Again, the World Bank was engaged, but all terms and conditions couldn’t apply because of the timing.
“In the rehabilitation and modernization of these ports, you need to consider all that in determining the appropriate terms and conditions that will apply,” he concluded.
Earlier, the Director General, Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh stated that for Nigeria to fully maximize the potentials of the marine sector, the private sector funding is sacrosanct because the government must operate the PPP approach.
Ewalefoh noted that Nigeria is blessed with vast marine resources, and if well harnessed portends capacity to turnaround the fortunes of the country and position the nation as a key player not just in West Africa, but the entire continent.
He pointed out that the concessions of the twenty-six port terminals in 2006 was a step in the right direction, and that more needs to be done to explore the opportunities in the marine industry.
“Nigeria is blessed; we have what it takes in the marine sector to be a big player in the West Africa coastal lines and also in Africa. The only problem we have is funding. The funding is not there, and the only option we have is to attract the private sector funding to things, and that is why Mr President asked me to bring in my expertise to bring in private sector financing in building and revamping our infrastructures in this country.’’ Ewalefoh assured.
