President Muhammadu Buhari has approved the establishment of a Public Private Partnership styled Infrastructure company (Infra-Co) with an initial seed capital of N1 Trillion.
It is envisaged that, over time, the entity will grow to N15 Trillion in assets and capital, a statement from the Presidency announced.
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.
The President had asked Vice President Yemi Osinbajo, SAN, to chair a Steering Committee tasked with setting up the company.
The initial seed capital for the entity will come from the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority, NSIA, and the Africa Finance Corporation. (Everyday)
With one trillion Naira, Nigeria kicks off Infraco for infrastructure development
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