Infrastructure concession involves the participation of the private sector in financing the construction, development, operation, and maintenance of public infrastructure or other development projects over a defined period based on agreement between government and the private sector organization. The concession process allows private investors to inject the much-needed capital into upgrading and maintaining infrastructure. As a category of public project financing, concession is driven by concession policies that may be impeded during actual implementation. In developed and developing countries alike, Concession policies, ease of implementation, and ultimate goals recorded following implementation may be dependent upon the extent of legislative frameworks. In Nigeria, Concession of projects has been in practice for over two decades and has in no way prospered like as in other African countries like Ghana and South Africa. Having regard to the foregoing, this paper is an attempt to draw a critical review of the various concession policies and the legislations connected thereto. In this review, the authors identified some famous policies and legislations connected associated with private sector participation in the realization of public projects. Following the review of the policies, vital gaps were identified which are believed to have been the clog behind the wheel of development of public infrastructure through concession arrangements.
Volume 11 | 08-Special Issue
Pages: 1360-1370