By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: Nigeria in search of asset managers for $2.6b Infracorp
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > Nigeria in search of asset managers for $2.6b Infracorp
News

Nigeria in search of asset managers for $2.6b Infracorp

Fesadeb
Last updated: 2021/02/27 at 7:03 PM
Fesadeb Published February 27, 2021
Share
SHARE

Nigeria’s central bank is seeking asset managers for a new $2.6 bln infrastructure investment company, known as InfraCorp.

The fund is being set up to develop the country’s crumbling transport networks and boost economic growth.

The asset managers will originate and manage infrastructure projects, generating return from investments, the bank said on Saturday in a statement on its website.

The deadline for submission of proposals is March 16.

Nigeria emerged out of economic recession in the fourth quarter of 2020, despite a contraction in the year as a whole.

But growth is fragile as poor infrastructure have stymied the economy for decades, holding back the distribution of wealth in Africa’s biggest economy.

President Muhammadu Buhari approved the creation of Infrastructure Corporation of Nigeria (InfraCorp) in February to focus on infrastructure development, with a seed capital of 1 trillion naira ($2.6 billion).

Initial capital will come from the central bank, the Nigerian Sovereign Investment Authority (NSIA), and the Africa Finance Corporation, the central bank has said.

Economists say the poor state of Nigeria’s infrastructure has put at risk the Buhari government’s ambitions for turning the country into a manufacturing hub and growing the agriculture sector.

In 2017, the government set up the Development Bank of Nigeria to boost credit to small-scale businesses that make up almost of half of the economy.

Now the government wants to fix its crumbling roads and rail network that have made it hard to move agricultural and finished goods to markets.

Buhari has pledged to strengthen the agricultural sector, to reduce Nigeria’s costly food imports and diversify the economy away from an over-reliance on oil. But access to long-term funds in local currency has been a major hurdle.

InfraCorp’s board will be chaired by the central bank governor, the managing director Nigeria’s sovereign wealth fund, the president of the Africa Finance Corporation, and three independent directors from the private sector.

The aim is for the entity to grow to 15 trillion naira in assets and capital, the central bank said.

You Might Also Like

Oyo Government, MAN Partner to Improve Haulage Fee Compliance

Katsina State Launches N100 Million Climate-Smart Farming Program for Smallholder Farmers

Saint Lucia Honours President Tinubu with Highest National Title

Bauchi Government Sets Up Committee for Creation of New Emirates and Chiefdoms

Tinubu Suspends Implementation of FRC Act, Caps Dues for Private Firms

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

TAGGED: real estate
Fesadeb February 27, 2021 February 27, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?