Regulatory Alerts2010-11-03 | CBNIFC2010/01CBN INFRASTRUCTURE FINANCE CONFERENCE 2010
The Nigerian Infrastructure Summit 2010 brought together key stakeholders in the infrastructure development space to discuss and propose viable solutions towards financing, managing, and developing Nigeria's critical infrastructure. The summit was graced by high-level government officials, international development partners, captains of industry, financiers, private investors, academia, and other experts. Some notable discussions covered included: 1. **Challenges in Infrastructure Development in Nigeria**: This topic highlighted the gaps in funding, poor governance, lack of policy consistency, political interference, among others as major challenges that inhibit the development of infrastructure in Nigeria. 2. **Role of International Agencies & Development Institutions in Infrastructure Financing**: The summit underscored the importance of international agencies and institutions like World Bank, African Development Bank, USAID etc., in providing financial aid, technical assistance, and expertise to improve Nigeria's infrastructure. 3. **The Private Sector Role in Infrastructure Development in Nigeria**: This topic highlighted the potential for private sector participation in infrastructure development and the need for a conducive environment to attract investments from the private sector. 4. **Long Term Infrastructure Financing Options in Africa**: The summit emphasized the importance of exploring long-term financing options like bonds, infrastructure funds, pension funds, etc., as well as innovative mechanisms such as public-private partnerships (PPPs), and concession arrangements to finance infrastructure development. 5. **The Role of Transaction Advisers in Infrastructure Financing**: The summit highlighted the role that transaction advisors play in structuring and negotiating transactions involving large scale infrastructure projects, particularly in attracting private sector participation. 6. **Issues in Infrastructure Financing: The World Bank Experience**: This topic provided insights into the experience of international development partners like the World Bank in financing infrastructure projects in Nigeria. The summit concluded with a wrap-up session chaired by the Governor, Central Bank of Nigeria and culminated in the presentation of the communiqué.
CBN INFRASTRUCTURE FINANCE CONFERENCE 2010 Ladi Kwali Hall, SHERATON HOTELS & TOWERS, Abuja, Nigeria 6 TH-7 TH December, 2010 THE CENTRAL BANK OF NIGERIA, INFRASTRUCTURE FINANCE CONFERENCE 2010 Nigeria's efforts to be among the top 20 economies of the world hinges on adequate infrastructure which is concomitant for economic growth and development. The current state of physical infrastructure in the country is a major development challenge for the achievement of this objective. Nigeria has a huge gap in infrastructure finance. In recognition of this fact, the Federal Government of Nigeria is actively encouraging and setting up institutions that would regulate and provide incentives for infrastructure financing and development in the country.
The Central Bank of Nigeria has also taken steps in addressing the infrastructure finance needs in key areas that would impact the economy. On March 1, 2010 as a strategy to ensure an engineered growth in Infrastructure Finance, the Central Bank of Nigeria approved the establishment of an Infrastructure Finance Office in the Development Finance Department. The Office is to serve as the pivot for creating mechanisms that will lead to an Infrastructure Finance Policy Framework in collaboration with other stakeholders in the country.
Conference Objectives
This conference on the theme, Infrastructure Financing in Nigeria: The Way Forward is a first step towards formulating a policy framework on Infrastructure financing. The conference is expected to: i. Create awareness on government's efforts towards infrastructure development in Nigeria ii. Create awareness on initiatives, opportunities and policies for private sector participation in infrastructure financing iii. Promote synergy among stakeholders in infrastructure development iv. Expose participants to other country experiences in infrastructure financing A total of nine papers are expected to be delivered in three technical sessions that would examine the roles of Government, the Private sector and International Development Agencies in infrastructure financing. Participants will include the organized private sector, international development partners, deposit money banks and stakeholders in the supply and regulation of infrastructure like Power, Aviation, Roads, Transport, Water and Sewage, etc. Other expected participants are Honorable Ministers of relevant Ministries, State Governors, members of the National and State Houses of Assemblies and other stakeholders.
Programme Of Activities Day 1: Monday, December 6, 2010
OPENING SESSION 7.30a.m. Arrival/ Registration 8.00a.m. Participants seated 8.30a.m. Arrival of the Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi 9.00a.m. Arrival of His Excellency, the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan GCFR 9.10a.m. National Anthem / Introduction of Special Guests 9.20a.m. Welcome / Keynote Address by the Governor of the Central Bank of Nigeria 9.30a.m. Goodwill Messages 9.40a.m. Opening Address by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria 10.10a.m. Vote of Thanks by the Deputy Governor, Financial System Stability, Central Bank of Nigeria, Dr. Kingsley Chiedu Moghalu 10.20a.m. Mr. President Departs 10.30a.m. Tea Break GROUP PHOTOGRAPHS MORNING TECHNICAL SESSION 1 ST TECHNICAL SESSION: ROLE OF GOVERNMENT IN INFRASTRUCTURE FINANCING Chairman of Session: Prof. Sylvester Monye, Secretary to Commission. National Planning Commission, Abuja 11.00a.m LEAD PAPER PRESENTATION: An Overview Of Infrastructure Finance In Nigeria: Current Situation, Challenges And Way Forward Presenter: Engr. Mansur Ahmed, Director General, Infrastructure Concession Regulatory Commission (ICRC).
11.50a.m Paper 2. Challenges & Prospects of Infrastructure Development: The Lagos State Experience at the Sub -National Level Presenter: His Excellency, Mr. Babatunde R. Fashola, Executive Governor, Lagos State 12.20p.m Paper 3. Capital Market as a Long Term Option for Financing Infrastructure Development Presenter: Ms Arunma Oteh, Director-General Securities and Exchange Commission (SEC) 1.10p.m Panel of Discussants:
- His Excellency, Hon Rotimi Amaechi, Executive Governor, Rivers State. 2. Hon. Frank Nweke Jnr, Director General, Nigeria Economic Summit Group 3. Dr. Bright Okogu, Director General, Budget office, Federal Ministry of Finance 2.00 - 3.00 p.m. LUNCH BREAK AFTERNOON TECHNICAL SESSION 2nd TECHNICAL SESSION: ROLE OF INTERNATIONAL AGENCIES & DEVELOPMENT INSTITUTIONS IN INFRASTRUCTURE FINANCING Chairman of Session: Mr. Olusegun Aganga, Hon. Minister of Finance 3.00pm Paper 4*. Issues in Infrastructure Financing: The World Bank Experience* Presenter: Mr. Onno Ruhl, World Bank Country Director for Nigeria 3.30pm Paper 5*. Infrastructure Financing: The Malaysian Experience* Presenter: Mr. Abu Hurairah Bahari, Chief Credit Officer, Bank Pembangunan, Malaysia Bhd, Kuala Lumpur.
4.00pm Panel of Discussants:
- Engr. Chidi Izuwah, Infrastructure Concession Regulatory Commission 2. Sharon Pauling, USAID Director for Economic Growth, Nigeria 3. His Excellency, Mr. Mahesh Sachdev, High Commissioner of India to Nigeria 5.00p.m. End of session DAY 2. Tuesday 7 TH December, 2010 MORNING TECHNICAL SESSION 8.30am Participants Arrive 8.45am Opening Formalities 3rd TECHNICAL SESSION: THE ROLE OF THE PRIVATE SECTOR IN INFRASTRUCTURE DEVELOPMENT IN NIGERIA Chairman of Session: Prof. Barth Nnaji, Special Adviser to the President on Power 9.10am Paper 6. Concessioning in Nigeria: A Road Map for Investors Presenter: Mr. Opuiyo Oforiokuma, CEO- Lekki Concession Company 9.50am Paper 7. Long term Infrastructure Financing Options in Africa Presenter: Mr. Andrew Alli, President/CEO, Africa Finance Corporation (AFC) 10.30am Paper 8. Attracting Investment for Infrastructure Development in Nigeria Presenter: Mr. Patrick Mgbenwelu, Head ,Project Finance, Stanbic-IBTC 11.10am Paper 9. The Role of Transaction Advisers in Infrastructure Financing Presenter: Mr. Fernando Faria, Global Infrastructure & Projects Group, KPMG, Portugal.
11.50am Presentation: Obstacles to Potential Investments in Developing Countries Presenter: Perry E. Ball, Minister Counselor for Economic Affairs, Embassy of The United States of America 12.20pm Panel of Discussants: 1. Mr. Aig Imoukuede- Managing Director, Access Bank 2. Dr. Suleyman Ndanusa, CEO, Suleyman Consulting, Former Director General, Securities & Exchange Commission. 3. Engr. Nasiru A. Dantata, Executive Director, Dantata & Sawoe construction Company (Nig) Ltd. 4. Mrs. Idunnu Oyebolu Chief Executive Officer, Bi-Courtney Aviation Services Limited, MM2,Lagos 5. Managing Director, INTELS Nigeria Ltd, Port Harcourt. 1.10 pm TEA BREAK
Afternoon
WRAP UP SESSION 2.00p.m Wrap up Session by the Governor, Central Bank of Nigeria 2.40p.m. Presentation of Communiqué