The shortened window for issuing the certificates is expected to lead to a faster turnaround for getting approvals for PPP projects, which more often than not, are mired in red tape, some never seeing the light of day. 

In a statement released by the agency’s head of media and publicity, Ifeanyi Nwoko, public-private partnerships seeking the agency’s nod will engage in a faster process. Outline Business Case (OBC) and Full Business Case (FBC) Certificates of Compliance required for such projects will be approved within seven days. This is a radical departure from the open-ended period associated with seeking issuance of the certificates.

Dr. Jobson Ewalefoh, ICRC Director General was quoted to have said that the commission streamlined its process based on the Renewed Hope Agenda of the current administration.

In line with the charge of President Bola Ahmed Tinubu, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days, Ewalefoh quoted the DG to have said.

OBCs are initial assessments of the viability of projects, while the FBC, on the other hand, is a comprehensive document that details the financial and operational plan for a project. The FBC is required for approval by the Federal Executive Council chaired by the president.

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Linking the new time frame to the president’s focus on accelerating infrastructure development, Dr. Ewalefoh said:

This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours. By streamlining our processes, the commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.

The new time frame comes on the back of the rollout of the DG’s six-point agenda last month. Some of the measures include fostering innovative financing for infrastructure projects, enhancing inter-agency collaboration and others to accelerate PPP processes.

The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time. The Commission is ready to partner and collaborate with all MDAs to actualize this, said Dr. Ewalefoh.

Adewole Ojo

Adewole Ojo is the Editor-in-Chief of Meiza Nigeria. He can be reached on adewole.ojo@fourpoints.ng.