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Buhari approves N1 trillion to build infrastructural company
President Muhammadu Buhari has approved the sum of N1 trillion for the establishment of a Public Private Partnership styled Infrastructure company named Infra-Co.
The presidency made the announcement in a public statement on Friday.
In the statement, the presidency said the company, Infra-Co is projected to be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development.
It added that the company was developed with the collaboration of the National Economic Council (NEC) and the Central Bank of Nigeria and it is expected to reach N15 trillion in assets and capital.
Vice-President has been made to chair the Steering Committee charged to setting up the company that is projected to address the infrastructure deficit in the country.
The statement read:
President @MBuhari has approved the establishment of a Public Private Partnership styled Infrastructure company named 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.
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 @ProfOsinbajo to chair a Steering Committee tasked with setting up the company.
The initial seed capital for the entity will come from @cenbank, @nsia_nigeria
and the Africa Finance Corporation.
The board of Infra-Co will be chaired by @cenbank
Governor & include the MD of @nsia_nigeria; President, Africa Finance Corporation, as well as representatives of Nigerian Governors Forum, & @FinMinNigeria. The Board will also have 3 independent directors from the private sector.
To address Nigeria’s infrastructure deficit, the Buhari Administration continues to explore innovative options, including through financing initiatives such as the Presidential Infrastructure Development Fund (#PIDFund) designed to cater for the 2nd Niger Bridge, Abuja-Kaduna-Zaria-Kano Expressway, and other projects.
There is also the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme which is being used for the funding of the Bodo-Bonny Bridges and Road (with
@nigeriaLNG), and the Apapa-Oshodi-Oworonshoki Expressway (with Dangote Group), among others.
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.
