Title:
POLICY ON PUBLIC-PRIVATE PARTNERSHIP AND ROAD INFRASTRUCTURE IN NIGERIA: LESSON FROM LEKKI/EPE CONCESSION COMPANY

Authors:
IBIKUNLE, Busayo Qazeem, OJO, Ann David (PhD) , KUYEBI, Emmanuel Adekunle and Raheem Adewale, OKEWALE

Abstract:
This research paper assesses Nigeria's policy on public-private partnerships and road infrastructure in Nigeria: a lesson from Lekki/Epe Concession Company. The public sector has long been the primary provider of basic services and infrastructure around the world. Huge fiscal deficits, on the other hand, have hampered governments' ability to meet rising infrastructure needs and have become a significant impediment to member countries' efforts to improve their investment environment. To supplement scarce public infrastructure capital, the private sector must be encouraged to participate by establishing an enabling environment for expanded private sector participation. Via Public-Private Partnerships, most developed countries governments have turned to the private sector to finance infrastructure growth. Nigeria, on the other hand, needs sound policymaking to increase the involvement of private companies in achieving the desired goals. The main instrument for this paper was sourced from secondary data which include among others; journals, textbooks, the internet, magazines, and newspapers. According to numerous studies, private involvement has aided the growth of some developing countries by providing infrastructure needs, including some parts of Nigeria such as Lagos state has benefited from partnerships with private organizations that have aided Lagos state's vision and goal as a megacity. This study concludes that the Federal Government of Nigeria should improve the PPP policy because it will dramatically reduce infrastructure borrowing while also propelling the Nigerian economy to new heights.

Keywords:
PPP, Policy, Road infrastructure development, Sustainable development, Lekki/Epe Concession Company

DOI:
http://dx.doi.org/10.37500/IJESSR.2021.4223