For decades, Nigeria’s inadequate infrastructure has impaired economic growth, and President Muhammadu Buhari has prioritized infrastructure investment in his COVID-19 economic recovery efforts under the Nigerian Economic Sustainability Plan. Last month, he approved the creation of the Infrastructure Corporation of Nigeria (InfraCorp): a new, privately managed infrastructure and industrial vehicle to raise as much as 15 trillion naira ($36.7 billion) to support infrastructure development across the country, with initial capital coming from the Central Bank of Nigeria, the Nigeria Sovereign Investment Authority, and the Africa Finance Corporation. The formation of this new, innovative approach to financing underscores the essential role infrastructure investment will play in Nigeria’s economic recovery from COVID-19.
Source: Atlantic Council