BREAKING: Buhari Approves N1 Trillion For Establishment Of Infrastructure Company
In a bid to address Nigeria’s infrastructure deficit, President Muhammadu Buhari has approved an initial seed capital of N1 trillion for the establishment of an infrastructure company (Infra-Co) under a public private partnership.
The Presidency announced the approval in a statement issued by Laolu Akande, the media aide to Vice President Yemi Osinbajo.
The N1 trillion initial capital is part of a N15 trillion fund which would be independently managed by an infrastructure fund manager.
Akande said the initial seed capital would be provided by the Central Bank of Nigeria (CBN), the Nigerian Sovereign Investment Authority (NSIA) and the Africa Finance Corporation.
He said, “It is envisaged that, over time, the entity will grow to N15 Trillion in assets and capital.
“Infra-Co will be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development. The entity has been developed with concept designs from the National Economic Council (NEC) and the Central Bank of Nigeria.”
Akande added that, “The board of Infra-Co will be chaired by the Central Bank Governor and include the Managing Director of the Nigerian Sovereign Investment Authority, President of the Africa Finance Corporation, as well as representatives of the Nigerian Governors Forum, and the Ministry of Finance, Budget and National Planning. The Board will also have 3 independent directors from the private sector.”
The presidential aide said the Infra-Co would be responsible for financing, “public asset development, rehabilitation and reconstruction as well as invest in cutting edge infrastructure projects for Roads, Rail, Power and other key sectors.”