President Buhari sets up Infra-Co to tackle infrastructure deficit
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.
According to the presidency, the entity is envisaged to grow to N15 trillion in assets and capital overtime.
Also, the presidency explained that 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 to chair a Steering Committee tasked with setting up the company. The initial seed capital for the entity will come from CBN, the Nigerian Sovereign Investment Association (NSIA) and the Africa Finance Corporation.
The board of Infra-Co will be chaired by the governor of CBN & include the MD of NSIA, President, Africa Finance Corporation, as well as representatives of Nigerian Governors Forum, and Federal 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 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 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. the presidency stated.