President Muhammadu Buhari approves establishment of N1 trillion infrastructure company

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President Muhammadu Buhari approves establishment of N1 trillion infrastructure companyPresident Muhammadu Buhari has approved the establishment of a Public Private Partnership styled Infrastructure company named Infra-Co, to focus on critical infrastructural investments. Infra-Co which will be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development, is expected to grow to N15 Trillion in assets and capital over time.  In a statement issued on Friday February 12 by Laolu Akande, senior special assistant on media and publicity to Vice-President Yemi Osinbajo, it was learnt that the president had asked the Vice President to chair a Steering Committee tasked with setting up the company. The initial seed capital for company 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. The statement read;  “The 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 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.” 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.The post President Muhammadu Buhari approves establishment of N1 trillion infrastructure company appeared first on Linda Ikeji Blog.

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