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For the purpose of this questionnaire, and in accordance with the International Monetary Fund’s definition (https://www.imf.org/external/np/sta/di/glossary.pdf), a foreign firm is a foreign-owned domestically incorporated enterprise (e.g. subsidiaries) in which a foreign investor owns 10 percent or more of the ordinary shares or voting power.)×
Material Adverse Government Action means any act or omission by the procuring authority or other relevant authority, which occurs during the term of the PPP Contract and which has a material adverse effect on (i) the ability of the PPPCo to comply with any of its material obligations under this PPP Contract and/or (ii) the cost or the profits arising from such performance.)×
A financial model is an analytical tool that allows the user to assess the financial robustness of the project by representing its expected financial performance, including cash flows, returns, etc. Not to be confused with a financial proposal.)×
To conduct the analysis on Nigeria, the Benchmarking Public Procurement team referred to The Public Procurement (Goods and Works) Act dated 2007, The Public Procurement (Goods and Works) Regulations dated 2007, Standard Bidding Documents (Works); PART IX-Procurement Surveillance and Review, Section 54 of the Public Procurement Act of 2007; the Regulations 17-21 of the Public Procurement Goods and Works Regulations, 2007 (the "Regulations") also makes provisions for a bidder to make a formal complaint to the Procuring Entity; and, Under the Standard Bidding Documents (SBDs) for Works, section 25 of the Procurement Law provides a right of complaint for bidders.
To conduct the analysis on Nigeria, for the Public-Private Partnerships Procurement topic, the team referred to Public Procurement Act 2007, Public Procurement (Goods and Works) Regulations 2007 and Public Procurement (Consultancy Services) Regulations 2007, Public Procurement Procedure Manual 2011, dated January 2011, Infrastructure Concession Regulatory Commission (Establishment, Etc.) Act 2005, Public Private Partnership Manual of the Infrastructure Concession Regulatory Commission 2012, the National Policy on Public Private Partnership 2008, the Unsolicited Proposals Guidelines and the Guidance on Contract Disclosure, the Public Enterprises (Privatization and Commercialization) Act 1998, and the National Policy, dated July 2009.×