By Tony Obiechina, Abuja
President Bola Ahmed Tinubu on Monday assured the international community that Nigeria is always ready and open for business.
The President gave the assurance at the Nigeria 2025 Public-Private Partnership (PPP) Summit organised by the Infrastructure Concession Regulatory Commission (ICRC) at the State House in Abuja.
The event which was declared open on behalf of the President by Vice President Kashim Shettima, brought together key stakeholders across government and private sectors to advance collaboration towards closing Nigeria’s $2.3 trillion infrastructure gap.
In his address, Tinubu said Nigeria can no longer build a 21st-century economy on 20th-century infrastructure, noting that the era of government-only funding of capital projects was unsustainable.
“We are not seeking investors to carry burdens; we are opening opportunities to create value.
We want long-term partners ready to bridge our infrastructure gap with purpose, precision, and integrity”, the President noted.
He stressed that his administration, now over two years in office, has taken bold steps to reform the economy, including the removal of fuel subsidies, liberalisation of the foreign exchange market, and optimisation of government revenue, all geared towards creating a more viable investment climate.
“We have strengthened the ICRC, streamlined bureaucratic bottlenecks, and aligned our infrastructure processes with global best practices,” he said.
“But policies alone don’t generate megawatts or build roads, what we need is collective action.”, he added.
The President said the administration’s goal, guided by the National Integrated Infrastructure Master Plan (2020–2043), is to grow Nigeria’s infrastructure stock from 30–35% of GDP to at least 70% by 2043.
He emphasised the country’s market potential, citing Nigeria’s population of over 230 million people and its projected rise to 440 million by 2050, making it the third most populous nation on earth.
“One out of every four Black people is a Nigerian. There is no African market like this,” he said, adding that, “But beyond investment, we need innovation, efficiency, and integrity.”
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Earlier in his welcome address, Director General of the ICRC, Jobson Ewalefoh, restated the Federal Government’s resolve to close Nigeria’s infrastructure gap, estimated at over $2.3 trillion, through strategic Public-Private Partnerships (PPPs).
Speaking at the summit themed “Unlocking Nigeria’s Potential: The Role of PPPs in Delivering the Renewed Hope Agenda,” the ICRC boss described the event as a platform for national transformation.
Ewalefoh applauded President Bola Tinubu for repositioning infrastructure as a key driver of inclusive growth and for promoting PPPs as a governance model rooted in innovation, efficiency, and accountability.
Highlighting projects like the Highway Development and Management Initiative, the Egini Medical Infrastructure Scheme, and the Dasin Hausa Dam, the DG said Nigeria is laying the groundwork for sustainable, private-sector-led development.
He assured investors of Nigeria’s openness to business, adding that the ICRC is committed to ensuring that all PPP projects are legally compliant, economically viable, and socially impactful.
The DG also listed presidential reforms mandating full MDA compliance with PPP guidelines, commending Vice President Shettima and key development partners including AfDB, NESG, Afreximbank, IFC, and Africa50.
The summit which attracted major key holders including State Governors, ministers and members of the diplomatic community, continues on Wednesday with technical sessions on de-risking, project financing, and institutional alignment.
