Buhari okays creation of N1trn infrastructure coy

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.

A presidential spokesman Laolu Akande said on Friday that President Buhari had asked Vice President Yemi Osinbajo, to chair a Steering Committee tasked with setting up the company envisaged to grow to N15 Trillion in assets and capital over the time.

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Akande, who said Infra-Co will be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development, added that the entity had been developed with concept designs from the National Economic Council (NEC) and the Central Bank of Nigeria (CBN).

He said 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.

He said 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.

CBN governor to chair board

The board of Infra-Co, he added, which will be chaired by the Central Bank Governor, includes 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 presidential aide said the Board will also have three independent directors from the private sector.

He said to address Nigeria’s infrastructure deficit, the Buhari’s 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.

He said 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.