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Government appoints KPMG as transaction adviser on new Infrastructure Fund

*The Nigerian Government has established the Infrastructure Fund to raise as much as N15 trillion for power, road and railway projects in Africa’s largest economy

Alexander Davis | ConsumerConnect

In a move to boost the country’s infrastructure investment to stimulate economic growth and development after exiting its second recession, the Central Bank of Nigeria (CBN) has hired KPMG LLP as transaction adviser for the newly-created Infrastructure Fund.

The Bankers’ Bank appointed KPMG after considering bids by firms, including PricewaterhouseCoopers LLP, Boston Consulting Group and McKinsey & Company, said a source on condition of anonymity because the information is not public yet, reports Bloomberg.

It is recalled that President Muhammadu Buhari February 2021 approved N1 trillion ($2.5 billion) of seed capital for the Infrastructure Corporation of Nigeria Limited (InfraCorp), which the CBN initiated in 2020.

The fund has been established to raise as much as N15 trillion for power, road and railway projects in Africa’s largest economy.

Africa’s most populous country is boosting infrastructure investment to stimulate economic growth after exiting its second recession in four years in the fourth quarter. The nation needs at least $3 trillion over 30 years to close its infrastructure gap, Moody’s Investors Service said in November, report stated.

Earlier, a process to select a fund manager for the InfraCorp was extended by two weeks to March 30, according to a notice published on the Central Bank of Nigeria’s Web site.

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