In a bid to find solutions to the infrastructural deficits in Nigeria, President Muhammadu Buhari has approved the establishment of a trillion-naira firm.
In a statement released by the Senior Special Assistant to Nigeria’s Vice President on Media and Publicity, Laolu Akande, the company will see the public and private enterprise working together.
The President approved the establishment of a Public-Private-Partnership styled Infrastructure company named Infra-Co with an initial seed capital of N1 Trillion,” 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.
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.
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.
Infra-Co will finance public asset development, rehabilitation and reconstruction as well as invest in cutting edge infrastructure projects for Roads, Rail, Power and other key sectors.
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