Bank to raise N1trn to finance infrastructure deficit in Nigeria

The Infrastructure Bank (TIB) says it is working to raise N1 trillion to finance the country’s infrastructure deficit within the next five years.

Nkiru Chime, acting managing director of TIB, said this on Thursday in Abuja, at an event to rebrand the bank.

Chime said the funds would be sourced entirely from the private sector, adding that the bank would support the infrastructure support fund (ISF) created recently by President Bola Tinubu.

Tinubu created the fund in July for the 36 states as part of measures to cushion the effects of petrol subsidy removal.

The infrastructure support fund received a startup capital of N790 billion.

The acting MD said TIB is committed to helping address the country’s infrastructural needs.

“TIB is going to drive capital mobilization towards infrastructure development and our medium-term goal is to bring in the neighbourhood of N1 trillion to bridge the infrastructure deficit in Nigeria,” she said.

“The amount will come in largely from the private sector within the next five years.”

On his part, Aliyu Mohammed, a director in the federal ministry of finance, said the federal government would partner with the bank to attract foreign investments for infrastructure development.

Tony Edeh, group managing director of Noreen Berger Financial Group, said Nigeria’s infrastructure sector needs the right partnership to blossom.

Edeh said if the needed partnership is driven by the private sector in addressing the critical challenges in the infrastructure sector, Nigeria’s infrastructure landscape has huge potential for growth.