The Federal Government of Nigeria is considering the use of private sector funds through Public Private Partnerships (PPPs) to finance key projects within the Ministry of Innovation, Science and Technology. This initiative was discussed during a meeting between the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, and the Minister of Innovation, Science and Technology, Mr. Uche Nnaji.
Dr. Ewalefoh emphasized the potential of science and technology as a driver of economic growth, citing successful examples from various countries. He expressed a desire to collaborate with the Ministry to explore opportunities for PPPs that could enhance technological advancements and economic development in Nigeria.
The Minister welcomed the proposal, highlighting the government's commitment to fostering economic growth through innovation. He noted significant foreign investments, including over $1.5 billion for a methanol production project, and discussed plans to process raw materials domestically rather than exporting them unprocessed.
Both officials expressed optimism about the partnership, aiming to streamline processes and attract private sector involvement in critical projects that would benefit the Nigerian economy.