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Private Sector Participation in Financing Road Network in Nigeria: A Critical Review of the BOT Model
Abstract
The 'build-operate-transfer' concession or BOT model has become a popular finance option in both developed and developing countries for infrastructural development. However,
achieving the basic BOT objectives of quick, efficient and privately financed infrastructure has proven to be difficult due to inherent issues that, most times, are left unattended to by
parties to BOT agreement. This study identifies such critical issues as contractual incompleteness, financial and political uncertainties. The study recommends that these critical issues have to be addressed before a country like Nigeria with a glaring weak and corrupt legal system, shaky and weak financial system and political instability will begin to enjoy the advantages in the BOT framework.
Keywords: BOT model, Private sector financing, Road network
achieving the basic BOT objectives of quick, efficient and privately financed infrastructure has proven to be difficult due to inherent issues that, most times, are left unattended to by
parties to BOT agreement. This study identifies such critical issues as contractual incompleteness, financial and political uncertainties. The study recommends that these critical issues have to be addressed before a country like Nigeria with a glaring weak and corrupt legal system, shaky and weak financial system and political instability will begin to enjoy the advantages in the BOT framework.
Keywords: BOT model, Private sector financing, Road network
