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InfraCorp inaugurates board, begins operations for infrastructure investments in Nigeria

*By supporting project development, financial structuring, and private-capital mobilisation, InfraCorp will help to combat issues of underemployment and under-investment in critical nation-building assets in the country

Isola Moses | ConsumerConnect

The newly established $2.5billion Infrastructure Corporation of Nigeria (InfraCorp) has commenced operations after months of structuring and stakeholder consultations by the promoters: the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), Nigerian Sovereign Investment Authority (NSIA) respectively.

Recall the country’s InfraCorp was launched with an initial seed capital from the promoters of a trillion Naira ($2.5billion).

Central Business District, Marina, on Lagos Island

ConsumerConnect gathered that the three promoters are focused on raising three times as much in private capital in the the next three years, and going forward up to $37 billion for infrastructure investments in Africa’s largest economy by 2030.

InfraCorp’s core mandate is to tackle Nigeria’s infrastructure deficit and generate a growth multiplier- effect across critical sectors.

By supporting project development, financial structuring, and private-capital mobilisation, InfraCorp will help to combat issues of underemployment and under-investment in critical nation-building assets.

Meanwhile, InfraCorp is said to have appointed four highly experienced asset managers in the summer of 2021, namely: Sanlam InfraWorks; Africa Infrastructure Investment Managers (AIIM); a consortium of Afrinvest Asset Management, Africa Plus Fund Partners, and ARC Asset Management; and Chapel Hill Denham.

Report also indicates that InfraCorp will support and enable the fund managers to mobilise fundraising and investments of projects across the critical focus sectors, including energy, industrial, agricultural, telecommunications, technology, transport, logistics, and social infrastructure.

InfraCorp will operate from the Capital City of Abuja and Lagos, Nigeria’s commercial hub, said the report.

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