As stated in a statement released by the Infrastructure Concession Regulatory Commission (ICRC), the Federal Executive Council has approved three public-private partnership projects to be carried out by the Nigerian Maritime Administration and Safety Agency (NIMASA).
During the concession period, the federal government is expected to receive more than $1,110,384,387 from the projects that fall under the purview of the ICRC’s regulatory advice.
These include a Floating Dry Dock, a Central/Western Offshore Waste Reception Facility, and an Eastern Offshore Waste Reception Facility. After ICRC issued a certificate of compliance for the whole business case, they were given the green light by FEC.
The certificate was issued by ICRC Director-General Michael Ohiani, who noted that it shows President Muhammadu Buhari’s administration is concerned about the environment and the welfare of offshore fishermen.
The primary goal of the approvals is to use the international waters of Nigeria in a manner consistent with the International Convention for the Prevention of Pollution from Ships (MARPOL) 1973/1978.
The proposed cooperation intends to safeguard the offshore environment, offer a visible deterrent for offshore polluters from a surveillance perspective, and lessen the current pollution level for the betterment of offshore fishermen and coastal residents.
The projects funded by the OWRF will contribute to the overall goal of maintaining clean oceans and seas. When finished, each Facility will be large enough to accommodate the needs of ships and other installations that use the facilities regularly; help improve the maritime environment; and provide the safe, permanent release of wastes from ships and other installations.
More information on the Eastern OWRF reveals that XPO Marine Services Limited will be the concessionaire for ten years under the Design, Finance, Build, Operate, Maintain, and Transfer (DFBOMT) PPP model.
According to the concession agreement’s income-sharing ratios, the federal government is owed $279,487,228.15 from Eastern OWRF throughout the concession period.
For the duration of the concession, based on the revenue-sharing percentages, the Federal Government is expected to receive a total of $765,289,988 from the Central and Western zones.
There is a 10-year concession period for both the Central and Western OWRFs, managed by African Circle Pollution Waste Management Limited.
The executive council also gave the go-ahead to a management contract to run, maintain, and eventually hand over NIMASA’s floating dry dock. The FDD is for cabotage ship maintenance.
J. Marine Logistics Limited, the concessionaire, will oversee the Modular/Floating Dry Dock operation for 15 years.
During the 15-year concession period, NIMASA received a total of $65,607,171. (N27,226,975,965). Over 800 direct and indirect jobs could be created once the project is fully operational.
The project is anticipated to generate money, as well as to create jobs, increase capacity, and supply ship and boat maintenance facilities.
The federal executive council also approved a public-private partnership (PPP) project in Ikeja, Lagos, for the Federal Radio Corporation of Nigeria (FRCN) to build a commercial mixed-use complex that will include homes, hotels, recreation centres, and offices.
Fish Valley Investment & Property Limited is the concessionaire for the FRCN PPP project, and the concession period is 55 years, with an estimated N14.9 billion in revenue over that time.