President Buhari Officially Approves Public Private Partnership With Infra-Co Nigeria

 

STATE HOUSE PRESS RELEASE
OFFICE OF THE VICE PRESIDENT

PRESIDENT BUHARI APPROVES FORMATION OF TRILLION NAIRA COMPANY TO ADDRESS INFRASTRUCTURE DEFICIT

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 the years, the entity will grow to N15 Trillion in property and capital.

Infra-Co may be one of the surest infrastructure finance entities in Africa and may be utterly dedicated to Nigeria’s infrastructure development. The entity has been evolved with concept designs from the National Economic Council (NEC) and the Central Bank of Nigeria.

The President had asked Vice President Yemi Osinbajo, SAN, to chair a Steering Committee tasked with putting in the organisation.

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 may be chaired by means of the Central Bank Governor and consist of 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 can even have 3 impartial administrators from the non-public region.

To deal with Nigeria's infrastructure deficit, the Buhari Administration maintains to discover modern alternatives, including thru financing initiatives consisting of the Presidential Infrastructure Development Fund (PIDF) designed to cater for the 2nd Niger Bridge, the Abuja-Kaduna-Zaria-Kano Expressway, and different projects.

There is likewise the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme which is getting used for the investment of the Bodo-Bonny Bridges and Road (with the Nigeria Liquefied Natural Gas, NLNG), and the Apapa-Oshodi-Oworonshoki Expressway (with Dangote Group), among others.

Infra-Co will finance public asset development, rehabilitation and reconstruction in addition to invest in cutting aspect infrastructure projects for Roads, Rail, Power and other key sectors.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
12th February, 2021