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Friday, February 12, 2021 / 4:09 PM / State House Press Release
from the Office of the Vice President / Header Image Credit: Twitter; @NGRPresident
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.
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.
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 (PIDF) designed to cater for the
2nd Niger Bridge, the 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 the
Nigeria Liquefied Natural Gas, NLNG), 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.
Laolu Akande
Senior Special Assistant
to the President on Media & Publicity*
Office of the Vice
President
12th February 2021
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