The Naija Factor in the Implementation of Public Private Partnership (PPP) Projects in Emerging Economies – The Nigerian Experience
Keywords:
Behavioral Factors, Risk Factors, Emerging EconomiesAbstract
The study examines local realities that militate against successful deliveries of PPP projects in emerging economies with particular reference to Nigeria’s PPP space. The Infrastructure Concession Regulatory Commission (ICRC) Act has, inter alia, expressly enabled the practice of PPP, defined the roles of stakeholders, and stipulated the minimum standard for PPP arrangements in Nigeria. In addition, the ICRC issued a National Policy on PPP to clarify and guide stakeholders on the PPP process. Unfortunately, the success rate of PPP practice in Nigeria has not been quite impressive. Hence the question, are there any peculiar or additional factors whose neglect have jeopardized implementation of PPP projects in Nigeria. Without prejudice to conventional risk factors that are outside its scope, the paper identified environmental peculiarities, psychological biases and other local realities as primarily responsible for many PPP project failures in emerging markets. In spite of these peculiar factors, and considering the prospects of PPPs in these countries, the paper, using doctrinal research method, concluded for a more interpersonal process of PPP project implementation. Specifically, it recommended that the PPP Business Case should be conscious of these unconventional risk factors and, recognizing them at par with conventional risk factors in a standard project risk matrix, should structure projects on the basis of the identified environmental peculiarities, psychological biases and other local realities.
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