- Advertisement -spot_img
28.2 C
HomeBusinessCBN funded-Infraco signs MoU with private sector partners to raise up to...

CBN funded-Infraco signs MoU with private sector partners to raise up to $37 bln capital

- Advertisement -spot_img

The Infrastructure Corporation of Nigeria (Infraco) is signing an agreement with some public and private sector partners to raise funds to close the infrastructure deficit in the country, according to the Governor of the Central Bank of Nigeria, Godwin Emefiele.

The InfraCo was launched with an initial seed capital of N1trillion ($2.5bn) by the three promoters and with the intention to raise three times as much in private capital over the next three years, and up to $37 billion for infrastructure investments in Nigeria’s economy by 2030.

Emefiele, who spoke during an event on InfraCorp term sheet signing with independent asset managers in Lagos on Friday announced Lazarus Angbazo as the pioneer chief executive officer of InfraCorp.

“For infrastructure projects originated by the public sector, InfraCorp’s goal is to shape projects for private sector financing and management.

“For projects originated by the private sector, InfraCorp will help shape government policy to support and sustain private sector investment,” Emefiele said.

For Nigerian companies to focus successfully on their competencies, he said they needed to be assured of the infrastructure that they rely upon.

READ ALSO: Gains on FCMB, GTCO drive Nigeria’s equity up by 0.19% as Dangote Cement opens bids for N50 bln bonds

“The deficit may be large; however, with resources from the private sector, targeted incentives from the public sector and the drive of our individual citizens, I strongly believe that Nigeria will be ready, willing and able to deliver the infrastructure that will be the foundation of our development,” he said.

He said the signing event marked a major milestone as InfraCorp and the Infrastructure Asset Managers – the AAA Consortium, Chapel Hill Denham, Africa Infrastructure Investment Managers in Nigeria, and Sanlam Infraworks-had concluded the initial discussions on how they would operate together to deliver infrastructure to the nation

He said InfraCorp is a government-backed infrastructure investment vehicle established and co-owned by the CBN, Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA), the promoters and managed by its own board and management.

The vehicle, he said, had been established to harness opportunities for infrastructure development in Nigeria by originating, structuring, executing, and managing end-to-end bankable projects, managed by reputable and highly experienced infrastructure asset managers and in partnership with public and private sector participants.

He said InfraCorp would mainly leverage public-private partnerships to unlock assets for the development and completion of projects.

InfraCorp’s core mandate is to tackle Nigeria’s infrastructure deficit and generate a growth multiplier effect across critical sectors.

By supporting project development, financial structuring, and private-capital mobilisation, InfraCorp would help to combat issues of underemployment and under-investment in critical nation-building assets, according to the CBN.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img