The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, has identified transparency, prudent management of funds, and a new master plan as very vital for the sustainable development of the Niger Delta.
He said these and other things need to be put in place in order to attract private investors and other stakeholders to support the Niger Delta Development Commission (NDDC).
In his keynote address delivered at the NDDC Public-Private Partnership Summit 2023, which took place in Lagos, Tuesday, Wabote tasked the NDDC management to return the Commission to the path of transparency and accountability in order to attract and sustain local and foreign partners.
READ ALSO: How Nigeria Can Use ‘Japa’ Syndrome For Economic Devt — World Bank
He also recommended that the NDDC should project itself positively through its choice of signature projects and interventions and open its accounts and project sites for public scrutiny.
According to him, “Capital is very shy and avoids controversies like a plague. In a situation where there are real or perceived infractions, corruption, lack of accountability, and other vices, the capital attraction becomes a big challenge.”
He identified NDDC sources of funding to include the Federation Account, Oil Producing Companies, State Governments, and local or international grants, adding that the Commission would be expected to demonstrate financial ingenuity before it could leverage for more capital.
The Executive Secretary based his recommendations against the backdrop of experiences at the Nigerian Content Development and Monitoring Board (NCDMB), currently highly rated in the country by many independent arms of the Federal Government and the private sector.
READ ALSO: Ndiomu Visits NIMASA DG, Seeks Opportunities For Youths In Maritime Industry
While blaming the failure of the Niger Delta Regional Master Plan launched in 2007 on insufficient funding, frequent changes in leadership, delays in budget approvals, and other issues, he canvassed for a modified or an entirely new Niger Delta Master Plan, to be developed with the support of key stakeholders of the region.
He further advised the Commission to stick to its core mandate and avoid being pressured by interest groups to derail or dabble into projects outside its responsibility, emphasizing that the assessment of proposals should be strictly based on their sustainability, “otherwise, it would be money down the drain.”
Wabote admitted that it was imperative for NDDC to explore innovative funding via PPPs as a credible option to meet the expanding developmental demands of the Niger Delta, hinting that “PPPs also bring with it corporate governance, technical expertise, and commercial acumen to enhance project delivery and successful operations.”
The high point of the summit was the signing of a Memorandum of Understanding (MoU) worth over $15 billion between the NDDC and Atlanta Global Resources Inc, an international infrastructure project financing firm, for the construction of a mega rail line that would connect the nine states that makeup NDDC and ease the infrastructure deficit in the region.
News5 days ago
