Federal Government has tasked the Africa Public-Private Partnership Network (APPPN) Summit to roll out policies and programmes that would bridge the infrastructure deficit in the African continent.
The Director of information, Willie Bassey in a statement made available to newsmen on Tuesday said the Secretary to the Government of the Federation, Boss Mustapha, made the disclosure while declaring open the Africa PPP Network Summit which was organized by the Infrastructure Concession Regulatory Commission (ICRC) with the theme: “Financing Africa’s Infrastructure through PPP” in Abuja.
The statement said the secretary stressed the huge opportunities for private investment in Africa through the provision of critical sectors of the economy so as to bridge its infrastructure deficit.
“As we all know that, Africa faces huge infrastructure gaps, but this also presents huge opportunities for private investment through public-private partnerships, especially in energy, housing, transportation, agriculture, technology, waste management, and social services and amenities.
“The continent requires energy, transportation, and new satellite cities to accommodate millions of people moving from rural to urban areas.
“Indeed, all sectors of the African economy are yearning for massive investment to fast- track infrastructure development and structural transformation that will impact the citizenry”.
Boss emphasized the need for financial sector development by strengthening regulatory and institutional frameworks to improve governance and increase competition, improving access to finance and financial literacy, developing payment systems, and enhancing creditor rights.
He said to be able to stimulate and create a vibrant private sector on the continent, and accelerate infrastructure development, there is need to create a conducive investment climate, reduce risks and costs of doing business and by securing private property rights, improve governance, fighting corruption, simplify regulations, and promote competition; which according to him, if they are addressed, would promote infrastructure development in African continent.
The APPPN Summit is a network of PPP units and practitioners across the continent established out of a greater realization and consensus of the need for collaboration between Africa PPP units for the achievement of Africa’s infrastructure development.