N15 Trillion Infrastructure Company To start Operation In Q3 2021 – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has revealed that the N15 trillion Infrastructure Corporation of Nigeria (Infraco) Plc would commence full operation by the third quarter of 2021.

This is as the Federal Government has approved the selection of 4 asset managers for the infrastructure funds.

The Publisher Nigeria learnt it was disclosed by Emefiele on Tuesday at the investors’ webinar organised by the Bureau of Public Enterprises, in conjunction with the Nigerian Exchange Group (NXG) and the Nigerian Investment Promotion Commission, according to the News Agency of Nigeria.

What the CBN Governor is saying

Emefiele said, “Work has indeed attained an advanced stage and we have received the approval of the Chairman of the Steering Committee, the Vice President, Prof. Yemi Osinbajo, for the approval of the appointment of KPMG as the transaction advisers and only recently we also obtained approval for the appointment of asset managers.

So, following conclusions of these arrangements and further activities, I like to assure all of us that the Infrastructure Corporation of Nigeria is expected to begin full operation by the third quarter of 2021.

We believe that through a partnership with the private sector, Infraco will be able to leverage close to N15 trillion over the coming years to close the country’s infrastructure gap.

I’m happy to acknowledge that the establishment of the Infrastructure Corporation of Nigeria has generated a lot of interest from both local and international private fund managers who are keen to work with the promoters in deploying private sector capital to support investment in key infrastructure in Nigeria.’’

The CBN boss said investments in rail, road infrastructure, manufacturing, agriculture and other areas with significant potential are imperative to transform the growth trajectory of the nation’s economy.

Going further, Emefiele said, “Giving the current funding constraints of the Federal Government, leveraging funds from the private sector with the ability to provide operational and technological know-how in improving the productivity of critical and moribund assets of the government is extremely essential.

Furthermore, these investments by the private sector in energy, road and rail assets can significantly reduce the cost of doing business in Nigeria while supporting increased investment of our economy.’

Bottom line

The eventual commencement of full operations by the Infrastructure company will help reduce the infrastructure deficit and boost infrastructure investments to stimulate economic growth.

Governor, Godwin Emefiele, had earlier this year, said that the government needs to be innovative in its approach to developing infrastructure in the country and believes that InfraCorp will be a major game-changer in this regard.

thepublisherngr

Recent Posts

2027: “Seyi Tinubu is next Lagos governor, no one can stop it” – Social media influencer

Social media influencer, Lege Miami has declared that Seyi Tinubu, the son of President Bola…

4 hours ago

2027: Major Opposition Parties ‘Float New Political Party’ Soon

Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party (PDP), and Peter Obi, the…

4 hours ago

”The nepotism of Buhari has now deepened under President Tinubu” – Senator Abaribe

Enyinnaya Abaribe, the senator representing Abia south senatorial district, has accused the Bola Tinubu-led administration…

5 hours ago

Nigeria’s GDP rose by 3.46% in third quarter of 2024 – NBS

The Statistician General of the Federation, Adeyemi Adeniran, says Nigeria’s Gross Domestic Product, GDP, growth…

18 hours ago

Alleged Money Laundering: EFCC amends $35,400,000 charges against Binance and fleeing Nadeem Anjarwalla

The Economic and Financial Crimes Commission (EFCC) has amended its $35,400,000 alleged money laundering case…

18 hours ago

EndSARS: Many Arsonists ‘Hunted & Executed’ – Sanwo-Olu’s Aide,Wale Ajetunmobi Reveals

The Senior Special Assistant on Media to Lagos State Governor, Wale Ajetunmobi, stated that the majority…

18 hours ago