President Muhammadu Buhari has approved an initial seed capital of N1trillion for the establishment of an infrastructure company (Infra-Co) under a public private partnership.
Laolu Akande, spokesperson to Vice President Yemi Osinbajo said the amount is part of a N15 trillion fund which would be independently managed by an infrastructure fund manager.
He said the initial seed capital would be provided by the Central Bank of Nigeria (CBN), the Nigerian Sovereign Investment Authority (NSIA) and the Africa Finance Corporation.
“It is envisaged that, over time, the entity will grow to N15 Trillion in assets and capital.
“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,” he explained.