Infrastructure Development: President Buhari Approves Formation Of Finance Entity To Address Deficit

President Muhammadu Buhari has approved the establishment of a Public-Private Partnership styled Infrastructure company named Infra-Co with an initial seed capital of N1 Trillion which over time 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 with concept designs developed from the National Economic Council (NEC) and the Central Bank of Nigeria.

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 President had asked Vice President Yemi Osinbajo, to chair a Steering Committee tasked with setting up the company.

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.