ICRC Pushes Stronger Regulatory Confidence to Unlock Aviation Investment at NAAIS 2026 in Lagos

The Infrastructure Concession Regulatory Commission (ICRC) has called for stronger regulatory certainty, institutional credibility, and market confidence as key drivers for unlocking large-scale private capital into Nigeria’s aviation sector.
Speaking at the Nigeria Aircraft Acquisition and Investment Summit (NAAIS) 2026 held in Lagos, the Director-General/CEO of the ICRC, Dr Jobson Oseodion Ewalefoh, emphasised that Nigeria’s aviation transformation depends not only on infrastructure expansion but on building trust in regulatory systems, policies, and long-term investment frameworks.
Delivering his remarks on the theme “Unlocking Capital, Confidence, and Capacity in Nigeria Aviation,” Dr Ewalefoh noted that aviation remains a strategic enabler of trade, tourism, investment, and national integration, adding that Public-Private Partnerships (PPPs) are central to achieving sector-wide modernisation.
According to him, Nigeria’s infrastructure challenge remains significant, with the country’s infrastructure stock estimated at about 30% of GDP—well below the global benchmark of 70%—and an infrastructure deficit exceeding $2.3 trillion. He added that Nigeria also ranks low on the Africa Infrastructure Development Index, underscoring the urgency for innovative financing models.
He stressed that public funding alone can no longer bridge the gap, positioning PPPs as essential tools for efficiency, risk-sharing, innovation, and long-term sector sustainability.
“Capital follows confidence, and confidence follows clarity, consistency, and credibility,” he stated.
Regulatory Certainty as Investment Anchor
Dr Ewalefoh stressed that no investor commits long-term capital in an environment where rules are unclear or inconsistently applied. He called for strengthened legal frameworks for concessions, transparent procurement processes, consistent contract enforcement, and independent regulatory institutions.
He maintained that regulation should not be viewed as a barrier but as a guarantee of fairness, predictability, and market stability—factors that reduce investment risk and attract global capital.
He further highlighted that aviation PPPs often span 20 to 30 years, requiring policy stability and protection from abrupt political or regulatory shifts. He noted that Nigeria must commit to a long-term aviation development strategy aligned with national economic priorities.
Dr Ewalefoh commended recent policy stability under the current administration, noting that no inherited concession agreements had been cancelled or altered since the inauguration of President Bola Ahmed Tinubu’s government.
Strengthening Institutions and Investor Trust
The ICRC boss called for stronger regulatory institutions equipped with technical expertise, autonomy, and robust data systems. He also emphasised the importance of governance discipline, warning that investors are more likely to commit resources to environments driven by rules rather than discretion.
He outlined the need for improved PPP structuring, monitoring, and evaluation capacity, alongside transparent reporting systems that strengthen accountability and investor confidence.Risk Sharing and Bankable Projects
Dr Ewalefoh further stressed the importance of proper risk allocation in PPP arrangements, including currency risk mitigation, clear revenue-sharing models, protection against policy instability, and efficient dispute resolution mechanisms.
He explained that at the ICRC, PPP contracts are structured to align risks with parties best able to manage them, ensuring long-term sustainability and bankability of projects capable of attracting both local and international financing.
Nigeria’s Growing PPP Portfolio
Highlighting progress, he disclosed that Nigeria has recorded over 15 PPP projects valued at approximately $5.099 billion across sectors including aviation, transport, energy, maritime, IT, and healthcare.
He also noted growing investor confidence in aviation, citing over $171 million in private investments across key concessions, including the Port Harcourt International Airport, Akanu Ibiam International Airport, and the V-PASS Biometric Airport Verification System.
Call for a Partnership-Driven Aviation Future
Dr Ewalefoh concluded that Nigeria’s aviation future depends on collaboration between the government and the private sector, with the state acting as an enabler and regulator, while private investors provide capital, innovation, and operational efficiency.
“The future of Nigeria’s aviation sector lies in partnership, not control,” he said, urging stakeholders to align toward a globally competitive aviation system.
He added that Nigeria stands at a defining moment where success will depend on discipline, transparency, and adherence to global standards.

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“If we get regulation right, confidence will follow. If confidence follows, investment will flow. And if investment flows, Nigeria’s aviation sector will not only compete—but lead,” he stated.
He thanked participants and wished the summit fruitful deliberations.
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ICRC Director-General Dr Jobson Ewalefoh has urged stronger regulatory credibility and institutional reform to unlock private capital into Nigeria’s aviation sector, emphasising PPPs, investor confidence, and long-term policy stability at NAAIS 2026 in Lagos.