The Central Bank of Nigeria (CBN) is calling for asset managers for a new $2.6 billion infrastructure investment company that aims to facilitate transport network projects and boost economic growth. This comes after President Muhammadu Buhari approved the creation of the Infrastructure Corporation of Nigeria (Infra-Co) in February 2021. According to the CBN, the asset managers will originate and manage infrastructure projects, generating a return from investments. Infra-Co which focuses on infrastructure development in the giant of Africa country was established with a seed capital of $2.6 billion. According to the Apex Bank, initial capital will come from the central bank, the Nigerian Sovereign Investment Authority (NSIA), and the Africa Finance Corporation. This call comes at a time when the country’s economy suddenly came out of recession necessitated by multiple factors like the global oil price slump and the coronavirus pandemic outbreak of 2020. Even though Nigeria has exited a recession, the economy is still very fragile. Officials say that government is making this move to accelerate growth in the economy as transport infrastructure plays a vital role in the country’s economy.
SOURCE: VENTURES AFRICA