In Nigeria, the government has taken the first step in creating a public-private infrastructure-investment enterprise aimed at stimulating the country’s economic recovery.
Bloomberg reports that the NGN1 trillion seed capital for the company will come from the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority, and the Africa Finance Corporation.
The company, to be named Infraco, aims to eventually grow its assets and capital to NGN15 trillion, enabling it to fund road, rail and power projects.
Nigeria’s Vice-President Yemi Osinbajo will be in charge of starting the company. It will be chaired by Central Bank governor Godwin Emefiele, while three independent directors from the private sector will sit on the board.
