Mr Emmanuel Eze, the Chief Executive Officer, Perfectac Investment Trust, on Thursday commended the Federal Government for its initiative on Executive Order 007 on the road infrastructure.

The executive order allows private sector operators to build roads and be paid by government through tax compensation.

Eze said the new executive order would entrench private sector participation in the country.

He made the observation during an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday.

“We should commend the authorities for implementing such initiative to address the nation’s road challenges.

“Most of our commodities are being conveyed by road. So, sustaining the idea will drive development,’’ he said.

The economist said that signing the executive order would open up the area for participation by more parties aside the government.

“This idea will reduce government participation in infrastructure development, thereby allowing more private interests.

“Time wasting bureaucracies will not be associated with private sector participation and they will be more time conscious on the delivery,’’ Eze said.

NAN reports that the Executive Order 7, 2019 on the Road Infrastructure Development and Refurbishment Investment Tax Credit Schemes was designed to develop and deliver public private partnership with notable investment so as to close the road infrastructure gap in the transportation sector.

President Muhammadu Buhari, while signing the executive order,  said that under the arrangement, 19 eligible road projects were to be taken by six leading manufacturing and construction firms located in 11 states and in each of the six geo-political zones.

According to him, the move provides another opportunity to demonstrate the commitment of the administration to deliver public private partnership with notable investors to close the road infrastructure gap. (NAN)