Expert Advises Private Property Operators to Embrace PPP Scheme

Expert advises private property operators to embrace PPP scheme

A real estate consultant, Mr Chucks Omeife, on Thursday urged private operators in the property industry to embrace the Public-Private-Partnership (PPP) scheme in addressing the nation’s housing and infrastructure challenges.

Omeife, the President of the  Chartered Institute of Project Managers of Nigeria (CIPMN), gave the advice during an interview with the news agency in Lagos.

He said that the PPP scheme remained the only viable alternative method to housing and infrastructure delivery which the private operators could apply to excel in their profession and be relevant to society.

“Obviously, there is no money anywhere in the economy and it is not limited to the Nigerian economy; it is a global challenge. As a result, the private sector operators need to look inward and identify the viable PPP venture they can explore and execute.

“To get a PPP contract can be easy when necessary preparations are put in place.

“All that is required is meeting the relevant authorities with a well-prepared proposal to reach a concessional contract agreement,’’ he said.

He told the news agency that the housing and infrastructure problems were persisting in Nigeria because there had not been active participation by the private sector.

Omeife said the success of the PPP scheme would depend largely on the availability of effective funding, control, maintenance and management measures.

He said that for the PPP scheme to yield good results, the anticipated profit of the project should be robust enough to offset the cost of the project.

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“There is the need to examine the PPP project in order to determine that it is economically justifiable by analysing its costs and benefits,’’ he said.

He, however, identified the breach of contractual agreements as a major obstacle to the success of the PPP scheme in the country. He said that governments at all levels and private operators should endeavour to comply with the binding agreements under the PPP scheme. 

Expert advises private property operators to embrace PPP scheme