N15tn FG’s InfraCo flags off operations this quarter, Says CBN
The Central Bank of Nigeria (CBN) Tuesday, announced that the Federal Government’s N15tn Infrastructure Corporation of Nigeria will begin operations in the third quarter of this year.
Governor of the apex bank, Godwin Emefiele, made this public during an investors’ webinar organised by the Bureau of Public Enterprises (BPE) and noted that the InfraCo would help bridge the huge infrastructure gap in Nigeria.
According to him, analysts estimated that over N350tn was needed to support infrastructure investments over the next 10 years, adding that if these investments were made, Nigeria was likely to attain a Gross Domestic Product growth rate of over 10 per cent annually.
He added that “It will be difficult to support these investments using government revenue sources alone. Harnessing available funds from the private sector is therefore vital,” Emefiele stated. He noted that it was as a result of this that the CBN, working with key stakeholders such as the African Finance Corporation secured a presidential approval to set up the Infrastructure Corporation of Nigeria.
Emefiele averred further that “I’m happy to acknowledge that the establishment of InfraCo has generated a lot of interest from both local and international private sector fund managers.”
