FG, stakeholders advocate PPP to drive economic growth

The Federal Government through the Ministry of Petroleum Resources and other stakeholders in the oil and gas sector have reaffirmed their commitment to advancing Nigeria’s Public-Private Partnership (PPP) Policy as a sustainable strategy for driving economic growth. Permanent Secretary, Ministry of Petroleum Resources, Nicholas Agbo who spoke during a workshop on Public-Private Partnerships in the […]

The Federal Government through the Ministry of Petroleum Resources and other stakeholders in the oil and gas sector have reaffirmed their commitment to advancing Nigeria’s Public-Private Partnership (PPP) Policy as a sustainable strategy for driving economic growth.

Permanent Secretary, Ministry of Petroleum Resources, Nicholas Agbo who spoke during a workshop on Public-Private Partnerships in the Nigerian Oil and Gas Sector organised by LushLotus CIC Consultant yesterday in Abuja said the Public-Private Migration Policy launched in 2012, has been crucial in addressing critical infrastructure deficits in the country.

The workshop with the theme: “Sustainable Future for Nigeria’s Oil and Gas Industry: Concepts, Opportunities, and Challenges of PPP Initiatives” provided a platform for exploring ways to leverage PPPs for national development.

Agbo noted that the 2012 policy initiative was introduced to utilise private sector expertise, financial resources, and technical capabilities in delivering infrastructure projects critical to Nigeria’s growth.

He stated: “The Public-Private Migration Policy emerged when the Federal Government of Nigeria recognized that it could no longer bear the full financial burden of providing the infrastructure necessary for the country’s economic growth. To sustain progress, the collaboration between the private sector and government through PPPs was deemed critical.”

Agbo explained that the policy was aimed at creating a framework where private sector investments and expertise are applied to sectors such as energy and health to enable projects that enhance economic productivity and improve the quality of life for Nigerians.

He noted that the PPP framework remained a cornerstone of sustainable development in Nigeria, calling for increased stakeholders engagement to optimise private sector contributions in addressing infrastructure challenges.

Agbo added: “The administration of private sector finances and expertise, in collaboration with government efforts, ensures the efficient delivery of critical projects. This synergy has been instrumental in enabling the development of vital sectors, including oil, gas, and health.”

On his part, the Technical Manager at Afric Energy and Infrastructure Ltd, Edet Asuquo expressed optimism about the potential of PPPs to transform the oil and gas industry.

He described the engagement as a much-needed “awakening” for both the private and public sectors.

According to him, the initiative is akin to the regular spiritual rejuvenation provided by faith-based gatherings, emphasising the significance of ongoing dialogue and collaboration in the oil and gas industry.

He said: “This kind of engagement is necessary because it acts as an awakening—just like you go to church on Sundays or to the mosque every Friday. It serves as a reminder for the private sector to recognize that they have the right partners in the public sector.”

He also highlighted the reciprocal responsibilities of the public sector in fostering an enabling environment and the private sector in leveraging opportunities for growth and innovation.

“There are individuals and organisations ready to collaborate to ensure that the critical oil and gas sector functions efficiently. Such partnerships are essential for addressing infrastructure challenges, improving operations, and ensuring sustainable growth in this vital sector,” he added.

He noted that the workshop would foster continued public-private cooperation, implement actionable recommendations, and support policies that promote the long-term growth and sustainability of the oil and gas sector.

“This event reinforces the importance of collective efforts in navigating the evolving energy landscape and securing a resilient future for Nigeria’s economy,” he said.

Head of Programmes and Projects at the Ministry of Petroleum Resources, Nkechi Fidimaye emphasised the crucial importance of the private sector partnership with the government.

On his part, Planning, Research and Statistics and Head of PPP in the ministry, Usman Abdulkadir, addressed the challenges associated with public partnerships, shedding light on key areas requiring reform and strategic alignment.

The Lead Consultant, Dr. Ademola Rabiu highlighted the success stories of PPP projects, showcasing how effective collaboration has led to transformative outcomes in various sectors.

Also, Rev. Godwin Okonkwo former MD Capital NNPC delved into the structural frameworks that underpin successful partnerships, providing insights into the fiscal strategies that ensure mutual benefit and long-term viability.

Participants at the workshop explored innovative approaches to implementing PPPs, focusing on creating a sustainable future for the oil and gas sector.

Discussions included adopting renewable energy solutions, reducing carbon emissions, and fostering job creation through local content initiatives.