President MUHAMMADU BUHARI has approved the establishment of a Public-Private Partnership styled Infrastructure Company named Infra-Co with an initial seed capital of 1 Trillion naira.

It is envisaged that, over time, the entity will grow to 15 Trillion naira in assets and capital.

Infra-Co will be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development.

The President had asked Vice President YEMI OSINBAJO to chair a Steering Committee tasked with setting up the company.

The initial seed capital for the entity will come from the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority, and the Africa Finance Corporation.

Infra-Co will finance public asset development, rehabilitation, and reconstruction as well as invest in cutting-edge infrastructure projects for Roads, Rail, Power, and other key sectors.