Central Bank of Nigeria’s (CBN) InfraCorp Plc’s N15 trillion infrastructure fund aimed at raising finance for capital projects, will be created in October, the bank has said.
Mr. Godwin Emefiele, CBN governor, announced this on Tuesday in Abuja at the Chartered Institute of Bankers of Nigeria’s annual banking and finance conference.
According Emefiele, the InfraCorp project, which was designed by the CBN in collaboration with the African Finance Corporation and the Nigerian Sovereign Investment Authority, will aid in addressing the country’s infrastructure deficit.
“I am pleased to announce that InfraCorp, the infrastructure company being created by the CBN, African Finance Corporation and the Nigerian Sovereign Investment Authority to raise N15 trillion, will be unveiled in October 2021,” Emefiele said.
“InfraCorp would enable the use of mostly private capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.
“The purpose of the N15 trillion being raised is to address some of our infrastructure needs while providing reasonable returns to investors.
“We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.”