Fmr Governor Fayemi Calls For Legislation On Public Private Partnership

By Ayodele Oni

The International Law Association (Nigeria Chapter) has bestowed a honour on the former Governor of Ekiti state, Dr Kayode Fayemi.

It was at the annual conference of the association in Abuja, where the former governor received the ILA Outstanding Achievement Award.

At the occasion, Fayemi shared his experience with public-private partnerships (PPPs) in infrastructure projects at the sub-national and national levels, along with tips for project sustainability.

“I also discussed our approach to PPPs using three projects that we revived through concession and commercialisation in Ekiti during my tenure: the Ikun Dairy Farm with Promasidor Dairy Company, the Ikogosi Resort and Conference Centre with Glocient Hospitality Ltd, and the Ire Clay Products Company with New Frontier Development Company.

“These state assets had become dormant over the years but are now fully operational through PPP initiatives.

“I highlighted the importance of political will, the centrality of enacting PPP legislation, establishing an office to ensure ease of doing business, recruiting professional transaction advisers, and ensuring the sanctity of contracts and agreements.

“I also discussed the Ekiti Transition Law and Local Content legislation as vehicles for inspiring confidence and sustainability, as investors are typically concerned about investment security, especially during governmental transitions.”

The law, passed by the assembly and assented to by Fayemi makes it mandatory for each administration to continue with projects initiated by its predecessor and ensures completion. The law has reduced the number of abandoned projects in the state.

The former governor added “On the negative side, I shared my experience as Mines and Steel Development Minister managing the fallout of the privatisation/concession of the Ajaokuta Steel Complex and the Aluminum Smelting Plant as examples of how not to undertake PPP projects without a clear vision and understanding of government objectives.

“In conclusion, I emphasized that each case must be handled on its own merit, with a clear realization that not everything public is bad and not everything private is good.

“Economic orthodoxy or one-size-fits-all dogma should not be the driving force in such arrangements, but rather a clear understanding of what works for the common good.”