Nigeria's president has approved the creation of a new company that will focus on infrastructure development, with a seed capital of $2.63bn, the head of state's office said on Friday, 12 February.
Nigerian President Muhammadu Buhari (Reuters/Siphiwe Sibeko)
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 ₦15tn 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 ($360.99) per year.
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.