Infrastructure Concession Regulatory Commission Submits 2011 Report; Says Foundations Laid For Private Sector Participation In Closing Nigeria's Infrastructure Gap

 The Infrastructure Concession Regulatory Commission on Tuesday submitted its 2011 annual report to President Jonathan pointing out that it had laid the foundations for vigorous private sector participation in infrastructure development in the country

Outgoing Chairman of the Commission Chief Ernest Shonekan who spoke with newsmen at State House, Abuja, expressed optimism that with the ICRC Act put in place the Commission would be able to perform better going ahead

Bridging the Infrastructure deficit is one task that this administration is taking seriously in its aim to ensure Nigeria moves up the scale of developed nations in the world

The ICRC was in the Villa to submit its 2011 annual report to President Jonathan and stresses that the work of the commission is key because it brings the private sector more into the important task of bridging the infrastructure gap in the country

As the outgoing Chairman points out, even engaging the private sector in this process is competitive

The Commission however believes government's understanding of how the private sector operates must change in order for the relationship it is courting with the private sector to thrive

Nigeria must attract 100 billion naira annually over the next ten years if it is to succeed in bridging the Infrastructure gap

With growing interest from both local and foreign investors however, the Commission is expectant that this huge task of attracting investment for infrastructure development is not insurmountable