The Nigerian government has been granted approval to establish a 15 trillion naira ($39.5 billion) infrastructure development company with the country’s sovereign wealth fund.
InfraCo PLC will be co-owned by the government, the Nigeria Sovereign Investment Authority, Abuja, which has 649.8 billion naira in assets, and the Africa Finance Corp. The AFC is a banking institution that funds and develops projects in sectors including power, transportation and logistics and natural resources.
The approval was noted in a news release detailing the outcome of the bank’s monetary policy committee meeting held on July 20 and published last week.
Details on when a manager will be appointed were not available.
The 15 trillion naira in assets are expected to cover an initial five-year period.
Spokesmen could not immediately be reached for comment.