President Muhammadu Buhari has authorized the creation of a N1 trillion Public-Private Partnership styled infrastructure company.
Infra-Co, as the firm is named, is expected to become one of the premier infrastructure finance entities in Africa that will be solely dedicated to Nigeria’s infrastructure development.
It is expected to bankroll public asset development, rehabilitation and reconstruction as well as invest in infrastructure projects for roads, rail, power and other key sectors.
Its concept designs had the inputs of the National Economic Council (NEC) and the Central Bank of Nigeria (CBN).
Vice President Yemi Osinbajo is heading its steering committee with the company’s assets and capital expected to reach N15 trillion over time.
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 three independent directors from the private sector.
