The Infrastructure Concession Regulatory Commission has announced that it will now issue Outline Business Case (OBC) and Full Business Case (FBC) Certificates of Compliance within seven days.
The OBC and FBC are crucial components of public-private partnership projects. The OBC provides an initial assessment of project viability, while the FBC is a comprehensive document detailing the financial and operational plan for the project, required for approval by the Federal Executive Council.
This is according to a statement on Monday by the commission’s Acting Head of Media and Publicity, Ifeanyi Nwoko.
The commission noted that the decision is in response to President Bola Tinubu’s directive to accelerate infrastructure development through private sector investment.
ICRC Director-General, Jobson Ewalefoh, explained that the commission has streamlined its processes to comply with the President’s Renewed Hope Agenda aimed at boosting Nigeria’s infrastructure.
“In line with the charge of President Bola Ahmed Tinubu, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either the Outline Business Case Certificate of Compliance and the Full Business Case Certificate of Compliance to Ministries, Departments and Agencies that meet the requirements within seven days,” Ewalefoh stated.
