President Muhammadu Buhari has approved the establishment of an infrastructure company that will be wholly focused on critical infrastructural investments in the country.
This disclosure was made through a tweet post by the Presidency on their official Twitter handle on Tuesday, November 17, 2020.
READ: Banks guaranteed N3.6 billion loans to farmers under the ACGSF – CBN
According to the statement, the infrastructure company is expected to raise funds for this responsibility from the Central Bank of Nigeria (CBN), the Nigeria Sovereign Investment Authority (NSIA), Pension Funds, as well as local and foreign private sector development financiers.
The Presidency in the tweet post said, “President Buhari has approved the establishment of an Infrastructure Company, wholly focused on critical infrastructural investments in Nigeria. This Infrastructure company will raise funding from Central bank of Nigeria, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.”
READ: Availability of unsecured credit to households dips in Q3 2020 – CBN
The president pointed out that the initiative will bridge the infrastructure deficit and is also implementing innovative financial strategies to pull in private sector investment.
He further disclosed that the company which was recently approved will become a world-class infrastructure development vehicle wholly focused on making critical infrastructure investments in Nigeria.
READ: Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy
This initiative by the Federal Government is coming at a time where there is a huge infrastructure deficit in the country, some of which are ongoing. Some of the sectors where this infrastructure deficit exists include, transportation, aviation, amongst others
READ: CBN promises to sustain FX restrictions on import of food items that can be produced locally
President Buhari has approved the establishment of an Infrastructure Company, wholly focused on critical infrastructural investments in Nigeria. This InfraCo will raise funding from @cenbank, @nsia_nigeria, pension funds and local & foreign private sector development financiers. pic.twitter.com/KhFSnCqmSx
— Presidency Nigeria (@NGRPresident) November 17, 2020