Download This PaperStrengthening Private Sector Participation in Public Infrastructure Projects through Concession Policies and Legislations in Nigeria: A Review
Journal of Advanced Research in Dynamical and Control Systems, Vol. 11, Special Issue-08, 2019
11 Pages Posted: 25 Apr 2020
Date Written: March 15, 2019
Abstract
Infrastructure concession connotes an arrangement the organizations from the private sector participate in financing public projects such as construction, development, operation, and maintenance or other similar development projects over a defined period based on agreement between government and the private sector organizations(s). The concession legally grants private investors the right to direct its capital to infrastructural development. As a form of public private partnership, concession is governed by public policies. In developed and developing countries alike, the ease of execution of policies guiding concession arrangements, and ultimate goals recorded following implementation may be dependent upon the extant legislative frameworks. In Nigeria, Concession of governement projects has been in practice for over two decades and has in no way prospered compared to other African countries like Ghana and South Africa. Having regard to the foregoing, this paper is an attempt to draw a critical review of the various concession policies and the legislations connected thereto. In this review, the authors identified some famous policies and legislations associated with private sector participation in the realization of public infrastructure projects. Following the review, gaps were identified which are believed to contribute to the clog behind the wheel of development of public infrastructure through concession arrangements.
Keywords: Concession, Legislation, Public Project Financing, Infrastructure, Economic Development
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