Ekiti quantity surveyors seek affordable financing to boost investment

The Ekiti State chapter of the Nigerian Institute of Quantity Surveyors, through its Chairman Olubunmi Ade-Ojo, is championing a crucial conversation about the financing of public infrastructure. Ade-Ojo's call for more accessible and affordable financing pathways for Public-Private Partnership (PPP) projects is a direct appeal to the state government to unlock greater investment potential.

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Projects are not meant for individuals. Projects are meant to serve a wide array of the populace and are provided by the government. When you have a PPP arrangement, it involves the private sector bringing its financial resources to provide these infrastructure facilities on behalf of the government to the people.

Ade-Ojo's remarks, delivered at the NIQS Distinguished Guest Lecture, underscore a sophisticated understanding of how PPPs function. She rightly points out that these projects are not merely for individual gain but are intended to serve the populace, requiring a delicate balance between government oversight, private sector capital, and public buy-in. The emphasis on synergy and ensuring all stakeholders, especially the end-users, are 'on the same page' is vital for preventing the frustration of projects that often plagues such initiatives.

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For a PPP project to be successful, all the stakeholders must be on the same page. They must be in agreement. It is not enough for the government and the private sector to agree while the end users or the public are not in agreement. For a successful PPP, there must be synergy. Everybody must be brought to the table and must agree that we want this project. If not, the project can start and it will be frustrated.

The lecture also served as an educational platform, aiming to deepen the understanding of PPPs among participants from various government ministries and parastatals. This focus on education and informed decision-making is critical. By understanding the benefits, stakeholders can make better choices, moving beyond a lack of facilities to actively engaging private sector expertise. The Head of Service, Folakemi Olomojobi, further reinforced the state's commitment to effective governance through structured systems and collaboration, commending the strong political will in Ekiti State to promote partnerships that enhance the ease of doing business.

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When you understand the benefits, you are able to make informed decisions to know that instead of suffering from a lack of some facilities, the services of a private individual or organisation can be engaged. It also provides opportunities to educate the public sector.