Nigeria: Government Contracts, Procurement & PPP

Nigeria has enacted a new Public Finance Management Act (PFMA) in 2024. This legislation is a comprehensive framework designed to regulate the management of public funds, revenues, expenditures, assets, and liabilities at the federal level.

The Nigerian government has introduced a directive aimed at significantly reducing the time and cost involved in securing contracts within the petroleum sector.

The Local Content Compliance Requirement 2024 is a new piece of legislation aimed at increasing the participation of Nigerian businesses and individuals in the country's economy.

On 30 April 2025, the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, signed into law the Upstream Petroleum Operations (Cost Efficiency Incentives) Order, 2025 via Statutory Instrument No. 22 of 2025.

We think it's worth taking a second look at NNPC Limited's planned IPO, with consideration given to deferring the process. Below, we highlight some of the key strategic considerations informing this perspective.

The client is an experienced healthcare operator and investor looking to bid for a private public partnership arrangement with the Lagos State Government to build a 140-bed state-of-the-art-hospital catering to a wide range of medical needs and setting new standards for healthcare delivery in Lagos and valued at N49 billion (the "Lagos Medipark").

Generally, the government is primarily responsible for providing basic social amenities, public infrastructure and utilities to its citizenry.

Nigeria's federal government faces significant financial challenges and actively seeks revenue sources to fund operations, address outstanding loans, invest in infrastructure, and boost the economy.

On 29th November 2023, President Bola Ahmed Tinubu, GCFR presented the 2024 Federal budget proposals to a joint session of the National Assembly.