AN EXAMINATION OF THE LEGAL AND REGULATORY FRAMEWORK FOR PUBLICPRIVATE PARTNERSHIPS IN INFRASTRUCTURE DEVELOPMENT IN NIGERIA

Abstract

Nigeria is a developing nation with huge human and material resources. It is the biggest economy in Africa, the 13th largest producer of oil and gas and the 10th largest in oil reserves. Like many developing countries, the country has a huge infrastructure deficit. There exist huge opportunities within its infrastructure landscape which should make it a preferable choice for private investment destination. The country has since 2005 adopted the Public-Private Partnerships (PPP) initiative as a solution to its huge infrastructure gap. Despite this, there have been serious challenges facing the operation of the PPP initiative in Nigeria. This paper argues that for Nigeria to continue to attract and expand its investment atmosphere through the PPP initiative, there is the need for a clear and transparent legal and regulatory procurement framework which can seriously help in building confidence in the private sector and also guarantee their investment returns.