President Buhari Approves 1tr Naira For Infra-Co, To Grow Fund To 15tr Naira

The establishment of a new infrastructure company has been given approval by President Muhammadu Buhari. The company Infra-Co, is created as a public private partnership company and will be focused on the development of infrastructure. The company is expected to become one of the highest financial company in Africa.

The entity will get 1 trillion naira as initial seed capital. This money will be funded by the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority, NSIA, and the Africa Finance Corporation. The sign off was revealed by a statement issued by Bashir Ahmad, Personal Assistant on New Media to President Buhari. He stated, ‘President @MBuhari has approved the establishment of a Public Private Partnership styled infrastructure company named Infra-Co with an initial seed capital of N1 Trillion. Envisaged the entity will grow to N15 Trillion in assets and capital, over time, a statement from VP Office‘.

The styled Infrastructure Company will be wholly focused on critical infrastructural investments in Nigeria. It will leverage on innovative financial strategies to pull in private sector investment. The company is projected to grow to N15 trillion in assets and capital, over time. This decision carried out by the President has been deemed applaudable as Infra-Co is aimed at closing the nation’s infrastructure gap and providing a solid foundation for facilitating infrastructural growth in the country. Infra-Co is expected to facilitate the development of vital infrastructure across the country. The Buhari administration continues to explore innovative means to cover up the infrastructure deficit in the country, these means include initiatives such as the Presidential Infrastructure Development Fund (PIDF). There is also the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, 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 board of Infra-Co will comprise of the Governor of the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority Managing Director, the President of the Africa Finance Corporation and representatives of the Nigerian Governor’s Forum and the Ministry of Finance, Budget and National Planning. The Board will also have three independent directors from the private sector.