CBN, AFC, NSIA, others sign infraCorp term sheet with independent asset managers
By JOHNMARK UKOKO
Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), Nigerian Sovereign Investment Authority (NSIA), Debt Management Office (DMO) and other organisations have signed InfraCorp term sheet with Independent Asset Managers.
Speaking at the event, CBN Governor, Godwin Emefiele said the initiative is the brainchild of President Muhammadu Buhari.
His words: “A few months after the administration was returned in 2019, after the signing of the Africa Continental Free Trade Agreement (AfCFTA), Buhari challenged to the banking and finance sector to help in providing infrastructure for the country, The Trumpet gathered.
“The President challenged the private sector to partner with him in his infrastructure transformation agenda to deliver the foundation of national assets for sustainable economic growth, but the directive was delayed due the outbreak of COVID-19 pandemic in 2020.
Emefiele said the government alone could not provide all the infrastructure needs in Nigeria, adding that the private sector collaboration was the way out of the country’s infrastructure challenges.
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“This type of collaboration I believe is a practical template to solve many of the country’s complex socio – economic problems that our nation is facing. From public health, climate change and energy transition to infrastructure and others, the public sector alone cannot resolve the issues.
“The private sector incentivised can develop the critical resources and capacity to deliver infrastructure goals successfully,” he added.
He disclosed that CBN, AFC and the NSIA had worked with KPMG and others to deliver IntraCorp as a catalyst to deliver infrastructure, stressing that InfraCorp’s goal was to shape projects for the private sector and that for projects initiated by the private sector, InfraCorp would help to shape government policy to support and sustain private sector investments.
The CBN governor said: “Today marks a major milestone as InfraCorp and the Infrastructure Asset Managers: AAA Consortium Chapel Hill Denham, Africa Infrastructure Investment Managers in Nigeria and Sanlam Infraworks have concluded initial discussions on how they will operate together to deliver infrastructure in Nigeria.”
He stressed that for Nigerian companies to focus successfully on their competencies, they needed to be assured of the infrastructure that they will rely upon.
