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Infrastructure Bank targets N1trn funding for Nigeria’s infrastructure sector

The Infrastructure Bank (TIB) says it is targeting a capital mobilization of N1 trillion for Nigeria’s infrastructure space in the next five years. Acting Managing…

The Infrastructure Bank (TIB) says it is targeting a capital mobilization of N1 trillion for Nigeria’s infrastructure space in the next five years.

Acting Managing Director of the bank, Nkiru Chime, who made the disclosure yesterday in Abuja at the rebranding/logo unveiling, noted that the funding will majorly be private sector driven.

According to her, “TIB is going to drive capital mobilization towards infrastructure development and our medium-term goal is to bring in the neighbourhood of N1 trillion to bridge the infrastructure deficit in Nigeria and the amount will come in largely from the private sector within the next 5 years.” 

Speaking further, she said the bank is positioned to key into the Infrastructure Support Fund launched by President Bola Ahmed Tinubu to drive development in the sector, adding that rebranding the bank restates the commitment to transform the sector and address the evolving needs of the country.

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Also speaking, the Group Managing Director of Norrenberger Financial Group, Mr Tony Edeh, noted that “Nigeria’s infrastructure landscape has huge potentials for growth if the needed partnership is driven with the private sector to address critical challenges in the sector,”

Similarly, a director at the ministry of finance, Aliyu Mohammed, said the federal government will map out strategies to partner with the bank with the sole aim of attracting infrastructure investments as the world is moving towards private sector participation.

 

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