The president of the Federal Republic of Nigeria, Muhammadu Buhari, has approved the establishment of Infrastructure Company, InfraCo, to help raise funds from the Central Bank of Nigeria (CBN), Nigeria Sovereign Investment Authority (NSIA), pension funds, and local as well as foreign development financiers, for the development of critical infrastructures in Nigeria. Critical infrastructures include power/energy sector infrastructures; telecommunications infrastructures; health and emergency services infrastructures; dams; food/agricultural output infrastructures; public services infrastructures; industry infrastructures; transport infrastructures; gas infrastructures; commercial facilities; chemical and nuclear sectors infrastructures, and the like.
The president said that “to bridge the infrastructure deficit, we are also implementing innovative financing strategies to pull in private sector investment.”
“The Infrastructure Company, which I recently approved, will become a world-class development vehicle, wholly focused on making infrastructural investments in Nigeria.” He added.
Nigeria’s development efforts have been bedeviled by abject poor critical infrastructures, a situation that had led to the popular stereotypical cliche of “nothing works in Nigeria” or “the system is not working” or “the systems are not working in Nigeria”, and numerous others.
Patriotic observers are hoping that this is not a mere political statement of will that will not have any practical manifestation in reality.
Source: The Statehouse, Abuja