The Infrastructure Corporation of Nigeria Limited (InfraCorp) plans to commit N1 trillion to the completion of Lagos-Ibadan Expressway, Abuja-Kano Highway and the Second Niger Bridge, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele hinted yesterday.
Emefiele said that InfraCorp has already provided N170 billion bridge fund for the three key infrastructure projects.
The N15 trillion InfraCorp is co-owned by the CBN, the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).
Speaking yesterday at the end of the 2021 Bankers’ Committee retreat in Lagos, the CBN boss said the remaining part of the fund will be sourced through local debts from banks and pension assets.
Emefiele said the fund will be utilised to support the Federal Government in building the required transport infrastructure to move agriculture products to processors, raw materials to factories and finished goods to the markets.
Speaking on the theme: “Building resilience for economic growth”, he said the dedicated privately-managed infrastructure and industrial vehicle will harness opportunities for infrastructure development by originating, structuring, executing and managing end-to-end bankable projects.
He said the Bankers’ Committee appreciates the role of banks as an enabler and catalyst of real sector growth through its advocacy, interventions and targeted support.
Emefiele said: “We will try to limit foreign borrowing for the projects, except where it is absolutely necessary to take foreign loans. The roads will be tolled. The Bankers’ Committee will in 2022 focus on infrastructure building as there is limited fiscal space and the committee through the banks will focus on infrastructure support.
