The decline in revenue generation has led to increased borrowing, impacting the trade and investment minister's industry rehabilitation agenda. These projects spanning transportation, ports, health, marine, security, aviation, and hydropower plants are affected.
While some projects received Federal Executive Council approval, issues like changes in exchange rates, government policies, interest rates, and insecurity hindered their progress. The dispute over assets dating back to 2003 and stalled projects, such as the ECOWAS passport and automated system, highlights challenges in attracting investors to drive public-private partnerships but needs to address failed franchises and enforce penalties.
Part of the policy reads, “Authorities responsible for privately operated infrastructure must have the capacity to manage the commercial processes involved and to partner on an equal basis with their private sector counterparts.
“Strategies for private sector participation in infrastructure will be disseminated and objectives shared throughout all levels of government and relevant parts of the public administration. Training will be provided to transfer relevant skills and understanding to those involved in projects, including decision makers.”
This is further aided by a no-limit timeline to achieve the implementation stage. For instance, the recently inaugurated Lekki Deep Seaport was initially awarded on April 21, 2011, meaning it was delayed for 13 years before fruition.