Stakeholders Seek Concession Of Road Construction To Private Sector

Stakeholders from the organised private sector(OPS) and real estate are calling for a groundbreaking move to privatise and concession road construction project to private sector companies.
They added that the initiative will allow private sector to lease and manage road project, enhance efficiency and remove the financial barriers on government. They equally affirmed that the initiative promises faster, more sustainable roads and a reduction in financial burdens on the government.
According to them, with a well-structured concession agreement, it’s a win-win for all, paving the way for improved infrastructure, job creation, and economic growth. They affirm that, by transferring management to the private sector, ‘we can boost corporate social responsibility and attract more investments into the construction industry and pave way for faster and more sustainable roads.’
The stakeholders agreed that, concessions of roads to private sector will enable the organised private sector companies to effectively manage and maintain existing road infrastructure on behalf of the government.
They explained that, the privatsation of road construction involves the transfer of ownership or management of road infrastructure from the public sector to private entity to reduce financial burdens on government.
By doing this, private sector companies will improve their corporate social services, deepen CSR initiative and increase investments drive into construction business sector.
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‎The concessions of new project will allow the organised private sector companies to finance, design, build and operate new road projects in the country while the government gives approval for them to quicken the pace of road infrastructure.
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‎Addressing his concerns on Privatization of road construction, the chairman of Association of Capital Markets Valuers (ACMV), Mr Chudi Ubosi affirmed that, most road infrastructure projects are largely driven and influenced by budgetary allocation, adding that government determines the financing part of these projects, especially, the construction of federal roads, flyovers, bridges and superhighways.
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‎He stated that, these federal projects scale through several plenary meetings that is chaired by committee members before funds are appropriated but, he noted that, when such projects are largely driven by players in the private sector, it would eliminate the bureaucratic hiccups at the Senate where consideration for infrastructure projects are largely debated for weeks and months.
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‎He emphasised that, involving the private sector in road construction projects could lead to more innovative solutions and better resource allocation. By allowing private companies to take the lead, the government can focus on regulatory oversight and ensuring that public interests are safeguarded. This partnership approach is expected to bring about more efficient project delivery and maintenance, ultimately benefiting the public through improved infrastructure.
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‎Furthermore, he highlighted the potential for job creation and skill development as private companies invest in local talent to manage these projects. This could lead to a more skilled workforce and stimulate economic growth in related sectors. he said
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‎He also believed that the collaboration between government and private entities is seen as a strategic move to address the growing demand for robust infrastructure while also considering environmental and social impacts.
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‎In conclusion, Ubosi stressed that, a well-structured concession agreement could be a win-win situation, offering the government a way to alleviate financial pressures while enabling the private sector to contribute to national development goals. The success of such initiatives will depend on transparent processes, clear communication, and a shared commitment to quality and sustainability.
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On his part, the managing director of Hi-Tech, Mr. Danny Abboud who is a prominent player in Nigeria’s construction sector described the privatisation of road construction as a milestone achievement, stating that, it would reshape Nigeria’s construction sector and provide reliefs to government to facilitate roads that will encourage tourism, investment and drive connectivity into several corridors in the country.
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‎Danny Abboud explained that, private sector players will reinforce bigger commitment to drive road infrastructure, facilitate trade and commerce while creating jobs, enhancing distribution of goods and improving FDIs to the country.
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‎He urged private sector companies to improve on quality and deliver quality standards that is poised to unlock vast economic potential.
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‎Speaking On Quakery, immediate past chairman of NIESV Lagos chapter, Gbenga Ismail noted that, now is the time to fully and seriously confront the issue of quackery in construction sector even as he frontally confront the need to bring to the front burner the issue of quackery in the profession.
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‎According to him, every professional body in the built environment is guilty of the incidence of quakery which has caused a lot of road mishaps and accidents in the country. He added that, genuine professionals in the construction industry should endeavour to address the issue holistically in order to reduce the incidence to the barest minimum.
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‎He advocated that the professionals in the construction industry and estate valuers should imbibe new technologies in order to up their game in the profession. According to him, there is the need for the profession to be regulated as a way of reducing the incidence of quackery.