What is the legal framework for Concessions in Nigeria?
Lets take a cursory look at some of our legislative bits and pieces: Infrastructure Concession Regulatory Commission Act 2005 This is currently the mother of all Concession regulations as far as Federal Government projects are concerned. Section 1 empowers any Federal Government Ministry, Agency, Corporation or body to grant concessions for the financing, construction, operation or maintenance of any infrastructure. This Act goes further to spell the do’s and do’nts that govern Concessions and sets up a Commission to regulate these Concessions. In as much as the Commission is yet to be emplaced, the Law in my opinion is one that ought to be complied with even in the absence of its enforcement mechanisms. When this Regulator is in place it is expected that the ICRC will become to Concessions what the Securities & Exchange Commission is to the Capital market. Public Procurement Act 2007 This Act lays down rules for probity and transparency in the manner Government agencies enter into con
