By Emma Ujah 

Abuja—The N15 trillion Infrastructure of Nigeria Corporation, InfraCorp, has commenced operations, as it initiates priority projects considerations.

A document seen by Vanguard, yesterday, indicated that the corporation, which was launched with an initial  seed capital of N1 trillion t ($2.5 billion), aims to raise three times as much in private capital over the next three years, and up to $37billion for infrastructure investments in Africa’s largest economy by 2030.

• Goya Menor’s Ameno Amapiano sits on first Afrobeat Billboard Chart

The focus sector is transport and logistics, with potential initial investment of up to N163 billion.

To expeditiously deliver on its mandate, InfraCorp is planning a series of roundtables with key public and private sector stakeholders for the immediate realisation of projects critical for Nigeria’s recovery, including MDAs, commercial banks, pension fund administrators and other financial institutions.

InfraCorp’s core mandate is to tackle Nigeria’s infrastructure deficit and generate a growth multiplier-effect across critical sectors. 

By supporting project development, financial structuring and private-capital mobilisation, InfraCorp will help to combat issues of underemployment and under-investment in critical nation-building assets.

Asset managers

InfraCorp has appointed four highly experienced asset managers, namely Sanlam InfraWorks; Africa Infrastructure Investment Managers, AIIM, a consortium of Afrinvest Asset Management, Africa Plus Fund Partners, and ARC Asset Management, and Chapel

Hill Denham

InfraCorp will support and enable the fund managers to mobilise fundraising and investments of projects across the critical focus sectors, including energy, industrial, agricultural,   telecommunications, technology, transport, logistics and social infrastructure.

InfraCorp will operate from the capital city, Abuja, and Nigeria’s commercial hub, Lagos.

Together with external legal advisors – Olaniwun Ajayi, Kenna Partners, and Ukiri & Lijadu, InfraCorp has commenced negotiation of the term sheet and management agreement to 

be entered into with each of the four asset managers.

Board

The InfraCorp Board has been constituted with Mr. Godwin Emefiele, the CBN governor, as Chairman, with other distinguished members, including Philippe Valahu, CEO, the Private Infrastructure Development Group; Ms. Patience Oniha, the Director-General, Nigeria’s Debt Management Office; Muhammad K. Ahmad, pioneer Director General, Nigerian National Pension Commission; Kemi Christina Abdul

The Managing Director, Dr.Lazarus Angbazo, has said though Nigeria needed massive investments in infrastructure, they should be investors willing to invest in the country.

He said:  “Massive financing is urgently required to build the infrastructure that Nigeria deserves.

“The good news is that much of this investment is compatible with competitive returns for investors through leveraging the expertise, relationships, and blended finance models.

“I am excited about the opportunity to drive development and innovation in infrastructure solutions for Nigeria.

“InfraCorp’s unique mandate consolidates the great work that the promoters – Central Bank of Nigeria, CBN, Africa Finance Corporation, AFC, and Nigerian Sovereign Investment Authority, NSIA, are doing.