Nigeria’s N1trn infrastructure company to commence operations later in 2021, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the Infrastructure Corporation of Nigeria (Infra-Co) will commence operations by second-half of 2021.

He said this on Friday at the Vanguard economic summit held in Lagos.

President Muhammadu Buhari had approved the establishment of a N1 trillion Infra-Co on February 12, 2021, to focus on critical infrastructural investments. The Infra-Co will be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development

“We are moving very start, we are discussing how to form, establish all the various framework and structures about it. I believe that by about the beginning of the second half of the year, things should begin to kick effectively,” Emefiele said.

“With the decline in revenues due to federal and state government, alternative ways of funding infrastructure are critical if we are to generate sustained growth of our economy.

“As we are all aware, a well-built infrastructure system can have a multiplier effect on growth by enabling the expansion of business activities in the country.

“That is why I am delighted that Mr. president has continued to give all the necessary approvals and support to establish the Infrastructure Corporation of Nigeria Limited (InfraCorp).

“InfraCorp will be co-owned by CBN, the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA) and would become fully operational by the second half of 2021.”

Speaking on the direction of interest rates for the year, Emefiele said the monetary policy focus and direction will be directed towards systematic synchronisation of monetary policy measures, saying that stability remains very core but it must also be conducive to growth.