President Buhari Approves Infra-Co Infrastructure Company
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.
It is envisaged that, over time, the entity will grow to N15 Trillion in assets and capital.
Laolu Akande in a press release stated that 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.
Vice President Yemi Osinbajo is to chair a Steering Committee tasked with setting up of the company.
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 3 independent directors from the private sector.