Nigeria needs well developed and prepared bankable projects to attract investments that will enhance infrastructure development in the country.
Sebastine Quijada, Senior Legal and Private Partnership Adviser, Institute for Public Private Partnership (IP3), said that bankable projects with legal documentation was key for investment.
“You need to follow transparent procurement process while appointing a contractor who will be awarded with the project. If you do that, it will improve the reputation of an organisation, a country and the system.’’
Quijada stressed the importance of making all procurement processes transparent and completely unbiased with the right skills for infrastructure development.
According to him, PPP by definition is a scheme for attracting private investors.
“By definition, when a government decides to switch to the tradition of public procurement scheme for public infrastructure through PPP scheme, there is an underlying decision.’’
Quijada said that one of the major constraints facing foreign investment was the life span of project investments usually between four to six years.
He said that this was contrary to PPP on infrastructure investment contract with duration between 15 and 20 years.
Kiguel expressed IP3’s commitment toward ensuring enhanced PPP projects that would lead to infrastructure development in the country.
“We worked very closely with the U.S. Department of Commerce, with UK trade, the Netherlands, France and Spain in detecting investment opportunities on PPP across the globe,’’ he said.
He said that IP3 was willing to replicate the same efforts in Nigeria to ensure effective and efficient PPP projects.