• Monday, April 15, 2024
businessday logo


Nigeria hunts for CEO to lead its $2.5bn corporation

InfraCorp officially commences operations with N1trn capital

Nigeria is on the hunt for a chief executive officer to lead its multimillion-dollar firm, Infrastructure Corporation of Nigeria Limited (InfraCorp).

InfraCorp is a dedicated privately-managed infrastructure vehicle established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC) and Nigerian Sovereign Investment Authority (NSIA) jointly referred to as “the promoters” by appointed infrastructure asset managers.

The promoters have committed a seed capital of $2.5 billion, but there are also plans to raise up to $35 billion over time.

There is no gainsaying the role infrastructural development plays in enhancing economic growth, improving living standards, reducing poverty, and contributing to environmental sustainability.

However, Nigeria has struggled for decades to close the wide infrastructural gap which has been a major impediment to its economic growth.

A reduction in the country’s infrastructure gap will not only boost economic growth, but will also give the country a competitive advantage under the African Free Trade Continental Area (AfCFTA) agreement, according to experts insight.

Read also: CBN’s decision to stop Forex to BDCs changes dynamics

But Africa’s most populous nation requires at least $3 trillion over 30 years to close its infrastructure deficit, Moody’s Investors Service said in a November report.

Last year, President Muhammadu Buhari cleared the way for the launch of the infrastructure company with the vice president Yemi Osinbajo, heading a committee charged with getting the company started, while central bank Governor Godwin Emefiele chaired InfraCorp.

It was established to harness opportunities for infrastructure development in Nigeria by originating, structuring, executing and managing end-to-end bankable projects, managed by reputable and highly experienced infrastructure asset managers and in partnership with public and private sector participants.

The company will leverage majorly on private sector partnerships, government relationships, and investments to unlock assets for the development and completion of projects.

The CEO will be responsible for the implementation and oversight of InfraCorp’s investment policies and appropriate regulatory frameworks required to ensure that projects handled by infrastructure Asset Managers will be executed successfully.