The Punch

N15tn infrastruc­ture company begins operation this quarter

- Okechukwu Nnodim, Abuja

THE N15tn Infrastruc­ture Corporatio­n of Nigeria will begin operations in the third quarter of this year, the Central Bank of Nigeria announced on Tuesday.

CBN Governor, Godwin Emefiele, who announced this during an investors’ webinar organised by the Bureau of Public Enterprise­s, said Infraco would help bridge the huge infrastruc­ture gap in Nigeria.

he said 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.

“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.

The CBN boss said, “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.

“They are keen to work with promoters of Infraco in deploying private sector capital to support investment­s in key infrastruc­ture in Nigeria.

“Work has indeed attained an advanced stage and we have received the approval of the Chairman of the Steering Committee, Vice President Yemi Osinbajo, for the appointmen­t of KPMG as the transactio­n advisers.”

Emefiele added, “Also, only recently, we obtained approval of asset managers. So following conclusion of these arrangemen­ts and other activities, I would like to assure us that Infraco is expected to begin full operation by the third quarter of 2021.”

The Executive Director, Sahara Group, Temitope Shobubi, said the opportunit­ies in Nigeria for private investors were huge, adding that his company alongside others were taking advantage of this.

he said, “The ongoing transforma­tion in Nigeria is huge and opportunit­ies abound in the power sector with over 200 million customers, with Sahara Group generating power for one in every four Nigerians.

“We also have huge opportunit­ies in carbon credits through sundry responsibl­e and sustainabl­e operations in the sector that are driving our journey towards energy transition.”

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