By Jonathan Nda- Isaiah, Abuja
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.
According to a statement from the office of the Vice President and signed by Laolu Akande, it is envisaged that, over time, the entity will grow to N15 trillion in assets and capital.
It said Infra-Co would be one of the premier infrastructure finance entities in Africa and wholly dedicated to Nigeria’s infrastructural development, adding the entity has been developed with concept designs from the National Economic Council (NEC) and the Central Bank of Nigeria (CBN).
“The president had asked Vice President Yemi Osinbajo (SAN) to chair a steering committee tasked with setting up the company.
“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 CBN 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.