Nigeria Approves Creation of $2.4 Billion Infrastructure Firm
The company will fund public projects like roads, rail and power.
Photographer: Pius Utomi Ekpei/AFP/Getty Images
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Nigeria’s President Muhammadu Buhari cleared the way for the launch of an infrastructure company with initial seed capital of a trillion naira ($2.4 billion) as Africa’s largest oil producer attempts to steer itself out of a likely economic contraction.
The company, named Infraco, which is being set up in partnership with the private sector, is expected to grow its capital and assets to 15 trillion naira over time to fund public projects like roads, rails and power, Laolu Akande, the vice president’s spokesman, said in a statement on Friday.