Ethics, integrity vital in PPP

Public-Private Partnerships (PPPs) has been identified as a vital mechanism for bridging the infrastructure and service delivery gap, yet experts emphasised  that their success relies less on financial modeling and more on a fundamental bedrock of ethics.

Without a strict adherence to transparency and procurement best practices, the experts noted that  such y vehicles designed to deliver innovation and value for money risk  could become liabilities rather than assets.

It was one of the highlights of the 2025 National Mandatory Continuous Professional Development (MCPD) seminar of the Nigerian Institution of Estate Surveyors and Valuers (NIESV)  held in Lagos.

At the heart of the discourse is the recognition that corruptly procured PPPs represent a significant failure in governance.

The MCPD  themed “Infrastructure Concession Regulatory Commission (ICRC) Act: A Strategic Overview of the New Public Private Partnership Framework  (PPP)and Role of Estate Surveyors and Valuers in National Infrastructure Transformation was an avenue for professionals, especially estate Surveyors to showcase  their professional embodiments.

A Speaker, Dr. Samson Agbator said the country is entering an era where infrastructure will dominate the national development agenda, and professionals must build the capacity needed to participate effectively.

He noted that PPPs will drive major capital investments, valuation standards will determine financing, and feasibility studies will influence project selection.

“The ICRC Act 2005 represented a bold step in Nigeria’s infrastructure journey. Opportunities before estate surveyors and valuers are unprecedented. This shift from regulation to realisation is a professional mandate. The estate surveyor and valuer are indispensable; this is our moment to rise, innovate and redefine our relevance,” he said.

He urged professionals to strengthen technical skills, deepen financial literacy and adopt multi-disciplinary approaches. He highlighted opportunities emerging from the Senate’s recent approval of $22 billion in external loans for key infrastructure, the government’s target of raising infrastructure stock to 70 per cent of GDP by 2043, and the nation’s projected population growth to 400 million by 2050, all of which signal increased activity in the infrastructure sector.        

He also stated that the nation is moving into an era where infrastructure will dominate national development as PPPs will shape major capital investments while valuation standards will influence financing; feasibility studies drive projects and secure investors’ confidence.

He encouraged his colleagues that it’s a moment to rise, to innovate, to expand, and to redefine our relevance. Let us step boldly into this new frontier and contribute meaningfully to Nigeria’s infrastructure transformation.

With Nigeria’s infrastructure deficit projected to reach $878 billion by 2040, experts urged real estate professionals to take advantage of emerging opportunities within the PPP framework to help reshape the country’s infrastructure landscape.

Key provisions of the revised ICRC Act allow Federal Government ministries, departments and agencies (MDAs) to partner with the private sector on viable infrastructure projects, subject to competitive bidding. The ICRC retains custody of PPP agreements, issues guidelines and oversees contract implementation.

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Under the 2025 reforms, projects valued above N20 billion require Federal Executive Council (FEC) approval, while those below the threshold may be approved by the supervising ministry or agency. Projects that involve multiple MDAs automatically require FEC approval to accelerate decision-making and delivery.

NIESV President, Victor Alonge, said estate surveyors and valuers have a pivotal role to play in realising the objectives of the ICRC Act, particularly as the 2025 Nigerian Insurance Industry Reform Act mandates professional valuations for insurance coverage.

“As determinants of premiums, reinstatement costs, indemnity values and risk exposure, our expertise is required. To remain ahead of the curve, professionals must keep investing in capacity building,” he said. He also urged practitioners to uphold integrity and maintain public trust.

He stressed the place of ethics and integrity for professionalism to thrive. He urged the new entrants to shun anything that will dent their track record as professionals.

Ayo Oladapo, stressed that the ICRC Act and its regulations form a comprehensive federal-level framework for implementing PPPs. He described the law as a critical instrument for mobilising private capital to address the nation’s multibillion-dollar infrastructure deficit.

He recommended stronger collaboration between the Federal Government, ICRC and state governments to harmonise PPP laws and frameworks. He also urged practitioners to embrace technology, international best practices and specialised skills, including green building valuation and mineral resource valuation.

Oladapo advised estate surveyors and valuers to utilise special purpose vehicles (SPVs) to provide clearer guidance to government and public-sector institutions on PPP execution.

Also, Chairman of the National MCPD Committee, Fatima Olowookure, encouraged practitioners to embrace lifelong learning to remain competitive in a rapidly evolving professional environment.