The Managing Director and Chief Executive Officer of the North Central Development Commission (NCDC), Dr. Cyril Yiltsen Tsenyil, has reaffirmed the Commission's commitment to leveraging Public-Private Partnerships (PPPs) and alternative financing mechanisms to deliver critical infrastructure and economic development projects across the North Central region.
Dr.
Tsenyil stated this when he led members of the Governing Board and Management
of the Commission on a strategic visit to the Infrastructure Concession
Regulatory Commission (ICRC) in Abuja to explore areas of collaboration aimed
at attracting investment into key legacy projects within the region.
The NCDC
Chief Executive said the Commission recognizes that government budgetary
allocations alone cannot adequately fund the scale of infrastructure required
to unlock the enormous economic potential of the North Central region.
He said
this reality has informed the Commission's decision to actively seek innovative
financing options through partnerships with the private sector.
According
to him, some of the transformative projects the Commission hopes to pursue
include railway connectivity across the North Central region, dredging of
Rivers Benue and Niger, revitalization of strategic national assets such as the
Ajaokuta Steel Company, and the development of the Jos Inland Dry Port, among
others.
Dr.
Tsenyil noted that the North Central region is endowed with vast agricultural
resources, solid minerals, tourism potential and other economic assets that can
attract substantial investment when supported by the right infrastructure and
financing frameworks.
Responding,
the Director-General of the Infrastructure Concession Regulatory Commission
(ICRC), Dr. Jobson Oseodion Ewalefoh, welcomed the NCDC delegation and
commended the Commission's forward-thinking approach to development financing.
He
explained that the ICRC was established to facilitate partnerships between the
public and private sectors and agreed that achieving large-scale
transformational projects would be difficult without alternative financing
mechanisms.
Dr.
Ewalefoh assured the NCDC of the Commission's pledged to constitute a technical
team that would work closely with the NCDC to identify viable, bankable and
profitable investment opportunities capable of attracting both local and
international financiers.
He
emphasized that investors are naturally drawn to projects with clear economic
value, sustainability and strong prospects for returns on investment.
The ICRC
Director-General further revealed that the Commission intends to engage all
regional development commissions in a strategic dialogue aimed at helping each
region leverage its comparative advantages while fostering collaboration for
national economic growth and prosperity.
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