The Infrastructure Concession Regulatory Commission (ICRC) has disclosed that the Federal Government is set to generate N28.1 billion from the 20-year concession of the Central Workshop Ijora.
The announcement was made by Manji Yarling, the Head of Media and Publicity at ICRC.
The Central Workshop Ijora, with a history dating back to the colonial era, played a significant role in maintaining vehicles, sewage treatment plants, and water supply equipment.
Now, in a strategic move, the concession will adopt a Rehabilitate-Operate-Maintain-Transfer Public-Private Partnership (PPP) model to enhance and optimize the workshop’s functions.
This project, initiated by Beta Transport Nigeria Limited, will operate under the regulatory guidance of the Infrastructure Concession Regulatory Commission and is housed within the Federal Ministry of Works.
Yarling elaborated that the Federal Executive Council had already given the green light for the concession, ensuring that the Central Workshop Ijora would be refurbished and operated optimally.
The expected revenue of N28.1 billion over the 20-year concession period aligns with the government’s efforts to leverage infrastructure concessions for economic development.
With the approval, the concessionaire commits to upholding industry standards, operating procedures, and modern equipment provision, ensuring productive and professional work within the workshop.
The Central Workshop Ijora’s rich history, rooted in the colonial-era Public Works Department, underlines its historical significance and the need to modernize it for contemporary needs.
