President Muhammadu Buhari has given approval for the establishment of a N1 trillion infrastructure company (Infra-Co).
The purpose of settling up the company acccording to the presidençy is to give full attention to critical infrastructural investments in Nigeria.
The statement was issued on Friday by Laolu Akande, senior special assistant on media and publicity to Vice-President Yemi Osinbajo.
Acccording to Akande, Buhari has asked Osinbajo to lead a steering committee that will set up the company, noting that the entity is expected to grow to N15 trillion in assets
“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 statement read.
“The entity has been developed with concept designs from the National Economic Council (NEC) and the Central Bank of Nigeria.
“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 three independent directors from the private sector.”
He added that the Infra-Co will finance public asset development and some critical infrastructure in Nigeria .