The Central Bank of Nigeria (CBN) has received approval to create an infrastructure development company that would finance the revamp of critical transport infrastructure throughout the country.

The company would leverage local and international funding, and would be co-owned by the CBN, African Finance Corp., and Nigerian Sovereign Wealth Investment Authority. It would be exclusively managed by an independent infrastructure fund manager.

The company would initially inject $39 billion in Nigeria over five years.

BY KALI PERSALL