The Federal Government (FG) has announced its establishment of a public private partnership infrastructure company named ‘Infra Co.’

With an initial seed capital of N1 Trillion which will be raised by the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority, NSIA, and the Africa Finance Corporation.

In a statement signed by the Senior Special Assistant to the President on Media & Publicity, Laolu Akande, the company is expected to grow to N15 Trillion in assets and capital.

Also, according to the statement, the establishment of Infra Co “will wholly be dedicated to Nigeria’s infrastructure development.”

“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.”

FG stated that the development is one of Its Innovative options to address the Nation’s infrastructure deficit.

“The company will be chaired by the Central Bank 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 3 independent directors from the private sector.”