FG’s N15tn Infrastructure Coy to Begin Operation Q3
CBN GOVERNOR
The Central Bank Governor, Mr. Godwin Emefiele, Tuesday said that the N15 trillion Infrastructure Company Limited (InfraCo), established by the federal government to address the issue of gap in infrastructure is to begin operation in the third quarter of this year.
Emefiele spoke on the occasion of the investors’ webinar to unveil the opportunities in Nigeria’s economic reforms programmes jointly organised by the Bureau of Public Enterprises (BPE) the Nigerian Investment Promotion Commission (NIPC).
The CBN Governor who disclosed that the KPMG is serve as the financial adviser to InfraCo, added that for the country to record meaningful growth, there should be huge investments in infrastructure.
He said, “For Nigeria, we witnessed a drop in foreign exchange earnings, government revenues along with supply chain disruptions which ultimately led to the economy falling into a recession during the third quarter of 2020. Significant interventions by the monetary and fiscal authorities in key sectors of our economy such as in the manufacturing and agricultural sectors eventually helped and led to the rebound of growth during the fourth quarter of 2020 as gross domestic product (GDP) grew by 0.11 per cent.
“The sustenance of these measures have also helped to support growth of 0.51 per cent during the first quarter of 2021. Nonetheless, we consider this growth as fragile and therefore seek the support of those of us here at this webinar to continue to work with us to grow our economy.”
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, in his goodwill message pointed out that the country’s huge gas investment potential has been waiting to be exploited.
According to her, the sector has continued to be the premium investment destination in Africa.
The Vice President, Prof Yemi Osinbajo explained that the webinar was mainly to showcase to the world the investment opportunities in Nigeria’s economic reforms.
He stressed the importance of mobilising private capital and participation for improving efficiency and driving economic growth.
Investors in InfraCo include the CBN, Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC).
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