The infrastructure company is expected to facilitate the development of critical infrastructure across the country. This move will help to bridge the nation’s infrastructure deficit, and provide a firm core for increasing national economic productivity and infrastructural growth. President Buhari earlier disclosed that InfraCo which is wholly focused on critical infrastructural investments in Nigeria will raise funding from the Central Bank of Nigeria, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.
President Buhari, in a follow-up tweet on Twitter, disclosed 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 which was developed with concept designs from the National Economic Council (NEC) and the Central Bank of Nigeria, is expected to raise its initial funding of N1 trillion from the Central Bank of Nigeria, Nigeria Sovereign Investment Authority, Pension Funds, and Africa Finance Corporation, same with Subsequent funding which will be extended to local and foreign private sector development financiers.
Buhari noted that the board of the Infra-Co will be chaired by the CBN Governor, while the board will include the MD of NSIA; President of Africa Finance Corporation, representatives of Nigerian Governors Forum and Ministry of Finance, and three independent directors from the private sector.The Infra-Co will finance public asset development, facilitate infrastructure rehabilitation and reconstruction and also drive investments in cutting-edge infrastructure projects for roads, rail, power and other key sectors.