InfraCo will focus on infrastructural development in Nigeria.
Nigeria’s tardiest infrastructure company, Infraco is about to take off with an initial seed capital of N1 trillion after President Muhammadu Buhari’s approval.
Infraco will focus solely on critical infrastructural investments in Nigeria the president said. More so, it will help provide a focus on infrastructural growth as well as connect infrastructural projects with financing.
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Infraco is getting its initial seed capital from the Central Bank of Nigeria, Nigeria Sovereign Investment Authority, Pension funds, local and foreign private sector development financiers.
Nigeria is dealing with economic contraction and is attempting several measures to redirect its economy.
The FG expects Infraco to grow into a N15 trillion asset according to a statement from the vice president’s office. It will further finance public projects – roads, rails and power – with the proceeds from Infraco.
InfraCo
According to the president, the ministry of finance will participate in forming the board members.
A committee has been set to oversee the opening phase of Infraco and the Vice President, Yemi Osinbajo will head the body. Central bank Governor Godwin Emefiele will chair Infraco.
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As a private sector-oriented company, Infraco three independent directors from the private sector will be part of the board members.
The board will also include the managing director of the NSIA, AFC president, representatives of the Nigerian Governors Forum.