The Nigerian Youth Congress (NYC) has commended the President Bola Ahmed Tinubu led Federal Government for approving major Public-Private Partnership (PPP) projects under the Renewed Hope Agenda, describing the move as a boost to economic growth and infrastructure development.
In a statement issued in Abuja, the President of the Congress, Engr. Annum Jethro Terhile, praised the approval of the Bakassi Deep Seaport, Port of Ondo Deep Seaport, and the Katsina-Ala Hydropower Plant, projects said to have attracted more than $4.29 billion in private sector investment.
According to the release, “these projects are strategic in restoring investor confidence, strengthening national infrastructure, and unlocking regional economic potential.
The Congress noted that “the initiatives are expected to generate thousands of direct and indirect jobs, improve power supply, and decongest the Lagos ports, thereby enhancing trade efficiency and reducing logistics costs nationwide.
“Similarly, the Bakassi and Ondo Deep Seaports would reposition Nigeria as a major maritime hub for West and Central Africa, while the Katsina-Ala Hydropower Plant would contribute sustainable base-load electricity to the national grid, stimulate industrial activity, and support the country’s clean energy transition”.
While applauding the Infrastructure Concession Regulatory Commission (ICRC) for its regulatory oversight and project development framework, NYC urged the Federal Government to extend the PPP model more aggressively to railway infrastructure and services across the country.
“A country of over 250 million people cannot sustainably operate a mono-transport system that relies overwhelmingly on road infrastructure,” the Congress said, stressing that increased private sector participation in rail development would help preserve roads, improve safety, and reduce the cost of doing business.
NYC equally, outlined several benefits of revitalising the rail sector through PPPs, including “reduced pressure on federal and state road networks, lower transportation costs for goods and agricultural produce, improved safety in the movement of bulk and hazardous materials, enhanced national productivity, and expanded employment opportunities for youths”.
Furthermore, the group encouraged the Federal Government, through the ICRC, to adopt globally tested PPP frameworks “such as Build-Operate-Transfer (BOT) and related concession models to attract credible local and international investors as well as viable option for boosting the economy.
“Also indigenous conglomerates, including the Dangote Group, who have the technical and financial capacity to play a transformative role in rail infrastructure development if supported by clear policies and bankable PPP structures will be encouraged to participate”.
The Congress reaffirmed its commitment to “constructive engagement and advocacy in support of policies that promote inclusive growth, youth employment, and sustainable national development, calling on stakeholders to support the Renewed Hope Agenda and the use of PPPs to deliver world-class infrastructure for present and future generations”.
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