The Central Bank of Nigeria has announced that InfraCorp Plc, the N15 trillion Infrastructure Fund which will boost funding for capital projects in the country, will be launched in October this year.
CBN Governor, Godwin Emefiele, disclosed this at the annual banking and finance conference organized by the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday.
Emefiele said the project, which was conceptualized by the CBN alongside African Finance Corporation and the Nigerian Sovereign Investment Authority, will help to address the challenge of infrastructure deficit in the country.
He 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.
“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.”
The CBN Governor also noted that Nigerian banks have become not only strong and resilient, but have also carved a good niche in the world.
