Follow Us on Google
By Omodele Adigun
The N15 trillion Infrastructural Corporation of Nigeria Limited (INFRACO), will raise substantial part of ₦14 trillion to fund infrastructural projects in the country from the local market, the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has said.
Emefiele, who disclosed this Wednesday in Lagos at the end of Bankers’ Retreat, said ₦1trillion ,out of the ₦15trillion,is equity being contributed by the Central Bank of Nigeria, the African Finance Corporation (AFC), Nigeria Sovereign Investment Authority (NSIA) and others while the remaining ₦14 trillion would be accessed through the debt market.
He explained that Infra o would embark on three road projects across the country, adding that “what Infrao has done at this time is to provide bridge funding. The three road projects are worth about ₦170 billion.It provided the bridge funding so that these projects can go on in funding.The entire scope of the projects is about ₦1trillion”.
On how the fund would be raised, he stated: “This is going to be substantially a Naira funding. The banks have large pool of funds, the Pension has large pool of funds. We are confident that more than 50 per cent of the money will be raised locally before we start looking for international finance.”
