THE URGENT NEED FOR AN EFFECTIVE ECONOMIC FRAMEWORK AND REGULATORY APPROACH TO ADDRESS THE INFRASTRUCTURE CRISIS IN NIGERIAN
Sponsors: Sen. Gershom Bassey
The Senate
CONCERNED that reports have estimated that
FURTHER CONCERNED that many infrastructural shortcomings in the country have been as a result of economic, administrative and legislative deficiencies. Legislation such as the Nigerian Railway Corporation (NRC) Act, 1995 remain in effect and do not create an enabling environment for public-private partnerships in Nigeria’s infrastructural development.
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AWARE that the government-owned, privately-managed, Infrastructure Corporation of Nigeria Limited (InfraCorp), was established by the Executive in February 2021. It is to be funded by the Central Bank of Nigeria (CBN), Nigerian Sovereign Wealth Investment Authority (NSIA) and Africa Finance Corporation (AFC), with a seed capital of N1 trillion. The Executive seeks to use this independently-managed entity to bridge the nation’s infrastructure gap through end-to-end bankable projects that will provide a firm basis for increasing national economic growth.
RECOGNISES that this is a However, given the intricate guarantee a workable and effective
and private sector
seamless infrastructure ecosystem.
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CONVINCED that fostering development in our nation’s infrastructure, will require an overhaul of legislation such as the Infrastructure Concession Regulatory Commission (Establishment, Etc) Act 2005 and the enactment of effective infrastructure laws such as Nigerian Railway Corporation Act (Repeal & Re-enactment) Bill, National Roads Fund Bill and Federal Roads Authority Bill, as well as any other relevant infrastructure legislation.
FURTHER CONVINCED that such a framework would support sustainable, effective and efficient private-public partnerships and coordinated implementation, in the infrastructure ecosystem in Nigeria.
Nigeria will require at least $3 trillion
over 30 years to close its infrastructure deficit, which signifies the level of
infrastructural neglect and decay.
commendable initiative.
regulatory framework that is required to
apparatus for infrastructural development, it is essential that a legislative, executive
synergy is established in the execution of their respective
functions, to ensure a
ACCORDINGLY, THIS SENATE RESOLVES TO:
1. Mandate the Senate Committees on Legislative Compliance, National Planning, Works and Land Transport to invite:
a. the Governor of the Central Bank of Nigeria and the Chief Executive Officer of the Nigeria Sovereign Investment Authority;
b. the Attorney General of the Federation; and
c. the Honourable Ministers of Works and Housing, Finance, Budget and
National Planning, and Transportation; to:
i. Brief the Senate Committees on the parameters for the
establishment of the Infrastructure Corporation of Nigeria Limited (InfraCorp); and
2. Mandate the Senate Committees on Legislative Compliance, National Planning, Works and Land Transport to:
a. Review existing legislation governing the operations of infrastructure development sector.
b. Identify archaic legislation that are at odds with international infrastructure framework standards and impede the establishment of a seamless infrastructural development ecosystem; and make recommendations to the Senate.
I SO MOVE
