InfraCorp: Nigeria launches N15trn infrastructure fund October 2021, says Emefiele

*Godwin Emefiele, Governor of Central Bank of Nigeria, discloses InfraCorp Plc will enable the use of mostly private capital to support infrastructure investments to enhance economic growth across critical sectors in the country

Alexander Davis | ConsumerConnect

Capital project conception and execution may become far easier to undertake in the country soon, as the Central Bank of Nigeria (CBN) has announced that InfraCorp Plc, the N15trillion Infrastructure Fund dedicated to boost funding for capital projects, will be launched October 2021.

ConsumerConnect learnt Mr. Godwin Emefiele, Governor of CBN, stated this at the annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) Tuesday, September 14, 2021, in Abuja, FCT.

Mr. Godwin Emefiele, Governor of CBN

The CBN Governor said that the project, which was conceptualised by the CBN alongside African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA) would help to address the challenge of infrastructure deficit in the country.

Emefiele said: “In this regard, 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 N15trn, will be unveiled in October, 2021.

“InfraCorp would enable the use of mostly private capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.”

He further noted: “The purpose of the N15tn 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.”

According to him, Nigerian banks have become not only strong and resilient, but have also carved a good niche in the world.

Thus, in order to consolidate the growth and resilience of Nigerian Banks in the last decade, Emefiele said that the Central Bank Nigeria, in the next 12 months, will be establishing the Nigerian International Financial Centre (NIFC).

With NIFC in place, he stated that project would act as an international gateway for capital and investments, driven by technology and payment system infrastructure.

The NIFC, the CBN Chief said, will take advantage of our existing laws, such as the BOFIA 2020, NEPZA, and other CBN regulations to create a fully global investment and financial hub where monies, ideas, and technology will move freely without hindrance.

This new financial hub, he noted, will curate local and international banks to make them global champions as a 24/7 Financial centre complementing London, New York and Singapore financial centers, and ultimately enable an acceleration of Nigeria’s homegrown  initiatives like InfraCorp Plc.

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