Abstract
The privatisation of its industries and utilities started in Britain in the early 1980s and since then the private sector became involved in the ownership, operation and management of public assets and the provision of infrastructure services. The era of government providing singlehandedly providing infrastructural development and facilities are long gone. Government all over the world in this present dispensation cooperate with private sectors in the provision and management of various infrastructural facilities in their respective countries . Privatisation and economic liberalization became a standard policy prescription by international development institutions for most developing economies. The most common form of private investment in infrastructures has been the Public-Private Partnership (PPP). The success or otherwise of PPP in delivering infrastructure in developing societies such as Nigeria has, however, been a vexed issue. Since 1998, Nigeria has enacted a number of laws to regulate private investment in infrastructure development. One reason why policymakers opt for PPP include the need for the government to tap from private sector skill and expertise, the necessity for the public sector to concentrate on policymaking as well as the urgency to meet the increase in demand for infrastructure An examination of the legal and institutional framework for private sector investment in infrastructure assets and services and its prospects for Nigeria and other developing countries would be undertaken in this paper. Keywords: public-private partnership, infrastructural development, Nigeria DOI: 10.7176/JLPG/118-05 Publication date: February 28 th 2022
Highlights
Physical infrastructure is an essential component of public goods which is supposed to be provided by a sovereign state
This paper examines the regulation of Private Partnership (PPP) in Nigeria
It needs to be pointed out that the aim of the paper is aimed at analyzing and highlighting the legal and institutional frameworks PPP in Nigeria to investigate the practice under the various PPP laws and to suggest improvements in the practice
Summary
Physical infrastructure is an essential component of public goods which is supposed to be provided by a sovereign state. The provision of physical infrastructure has always been the responsibility of the state because infrastructure development involves huge sunk costs and initial investments which the private sector cannot or would not be very willing to provide. This was, until the late 1970s and early 1980s when the global economy witnessed a slump causing countries to experience balance of payment crisis and budget deficits. Ayasonla and Abiru in their work pontificated that infrastructure matters to economic growth has long ceased to form a subject of debate among experts and policy makers They further stated that, a plethora of anecdotal and more technical evidence that better quantity and quality of infrastructure can directly elevate the fecundity of human and physical capital and ergo economic development. It needs to be pointed out that the aim of the paper is aimed at analyzing and highlighting the legal and institutional frameworks PPP in Nigeria to investigate the practice under the various PPP laws and to suggest improvements in the practice
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