Act, 2005 [1] to regulate the Public-Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

The pioneer Board had a former Nigerian Head of State, Late Chief Ernest Shonekan, as its Chairman and a seasoned technocrat, Engr.

The ICRC is also expected to monitor the implementation of such arrangements according to best practice, ensuring that the desired service standards are attained and maintained, value for money is assured and that the private sector operators are in a position to recoup their investment in a fair and equitable manner.

The role/functions of the ICRC are derived from the mandate and include: The key strategic objective for the Infrastructure Concession Regulatory Commission (ICRC) is to accelerate investment in national infrastructure through private sector funding by assisting the Federal Government of Nigeria and its Ministries, Departments, and Agencies (MDAs) to implement and establish effective Public Private Partnerships (PPP) procurement.

Countries, such as, the UK, Canada, the USA, China, Malaysia, India, Australia, South Africa, Kenya, and Angola have used PPPs to develop critical infrastructures in power, education, roads, rails, health, aviation, and defense (facility maintenance).

Experience worldwide has shown that a well-prepared PPP project delivers greater efficiency, value for money, improved service delivery and new job opportunities.