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TODAY
February 26, 2021
The federal government plans to hire an asset manager for its new Infrastructure Development Company (Infraco), designed to raise as much as N15 trillion ($36.7 billion) for infrastructural projects and to accelerate growth.
President Muhammadu Buhari about a fortnight ago, had approved the establishment of the Infraco, a Public-Private Partnership-styled infrastructure company with an initial seed capital of N1 trillion, to tackle Nigeria’s growing infrastructure deficit.
A report yesterday by Bloomberg quoted a source as saying that the Central Bank of Nigeria (CBN) and its funding partners, the Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA), are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan.
•PwC, KPMG, others apply to be transaction advisers
Peter Uzoho with agency report
The federal government plans to hire an asset manager for its new Infrastructure Development Company (Infraco), designed to raise as much as N15 trillion ($36.7 billion) for infrastructural projects and to accelerate growth.
President Muhammadu Buhari about a fortnight ago, had approved the establishment of the Infraco, a Public-Private Partnership-styled infrastructure company with an initial seed capital of N1 trillion, to tackle Nigeria’s growing infrastructure deficit.
A report yesterday by Bloomberg quoted a source as saying that the Central Bank of Nigeria (CBN) and its funding partners, the Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA), are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan.
Inclusive economic development remains one of the core elements of both the African Union’s Agenda 2063 and the United Nations Sustainable Development Goals (SDGs). In furtherance of this, article 3(e) of the AfCFTA main Agreement and article 27(2)(d) of the Protocol on Trade in Services specifically mandate State parties to promote gender equality and “
improve the export capacity of both formal and informal service suppliers, with particular attention to micro, small and medium-sized; women and youth service suppliers.”
With over 60 percent of its population being under the age of 25, Africa is regarded as the youngest continent in the world. This presents both challenges and opportunities for the continent. For instance, in Nigeria, the young population has led to attendant social risks as unemployment nears 40% creating a ticking time bomb. The popular saying is that an idle mind is the devil’s workshop.
Deji Elumoye in Abuja
President Muhammadu Buhari has approved the establishment of Infra-Co, a Public-Private Partnership-styled infrastructure company with an initial seed capital of N1 trillion, to tackle Nigeria’s growing infrastructure deficit.
Already, Vice President Yemi Osinbajo has been saddled with the responsibility of heading a Steering Committee to facilitate the take-off of the company.
Osinbajo’s Media Assistant, Laolu Akande, in a statement yesterday said with time, Infra-Co would grow to N15 trillion in assets and capital and that it would be one of the premier infrastructure finance entities in Africa to be wholly dedicated to Nigeria’s infrastructure development.