Story by Olabode Jegede
The Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwah, has said that Public Private Partnership (PPP) was the key to unlock Nigeria’s Liquefied Petroleum Gas (LPG) potential.
Izuwah, stated this during his presentation at the Nigeria LPG Summit 2019 recently held in Lagos.
He noted that LPG penetration in Nigeria is behind when compared to those countries that have achieved significantly a lot in terms of LPG, by PPP.
However, Izuwah stressed the federal government commitment in using PPP to develop Nigeria’s infrastructure across all sectors of the economy, including oil and gas.
According to him, “The ICRC is saddled with the responsibility of monitoring and ensuring the efficient execution of all PPP projects entered into by Ministries, Departments and Agencies on behalf of the federal government.
“As at July 2019, there are 69 post contract PPP projects under implementation in Nigeria and from 2010 to 2018, we have been able to attract $8 billion investments to the country through PPP.
“This is what a PPP is. It is a partnership between the public and the private sector sharing risks and rewards. So, if somebody wants to build a terminal, government can provide the land, upfront grant to ease and facilitate, position and create the cons.”
He added that opportunities in the LPG industry included production, supply, retail, distribution and manufacture of equipment such as cylinders and skids.