President Muhammadu Buhari Photo:Twitter
Nigerian President Muhammadu Buhari’s government has approved the creation of a company to fast-track development of critical infrastructure, with around $2.6 billion in initial financing.
Africa’s most populous country slipped into recession in its third-quarter for the second time in four years, hit by the coronavirus pandemic and a fall in oil prices, and faces a huge infrastructure deficit.
“It is envisaged that, over time, the entity will grow to naira 15 trillion ($39.3 billion), in assets and capital,” a spokesman for Vice President Yemi Osinbajo said in a statement on Friday. x
The company, Infra-Co, will be one of the top infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development, the statement said.
President Muhammadu Buhari has approved the establishment of a Public Private Partnership styled Infrastructure company named Infra-Co with an initial seed capital.