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Nigeria's president approves set up of $2.6 bln infrastructure firm

Published 12/02/2021, 14:26
Updated 12/02/2021, 14:30
© Reuters.

ABUJA, Feb 12 (Reuters) - Nigeria's president has approved
the creation of a new company that will focus on infrastructure
development, with a seed capital of 1 trillion naira ($2.63
billion), the head of state's office said on Friday.
The company, named Infra-Co, will be a public-private
partnership, and the initial capital will come from the central
bank, the Nigerian Sovereign Investment Authority (NSIA), and
the Africa Finance Corporation, it said.
"Infra-Co will finance public asset development,
rehabilitation and reconstruction as well as invest in cutting
edge infrastructure projects for roads, rail, power and other
key sectors," President Muhammadu Buhari's office said in a
statement.
Its board will be chaired by the central bank governor, the
managing director Nigeria's sovereign wealth fund, the president
of the Africa Finance Corporation, and three independent
directors from the private sector, the statement said.
The aim is for the entity to grow to 15 trillion naira in
assets and capital, it added. Nigeria's poor transport and power networks have stymied
economic growth for decades, holding back the distribution of
wealth in the country which has Africa's biggest economy but 40%
of people live below the national poverty line of 137,430 naira
($360.99) per year. = 380.70 naira)

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