Infrastructure Companies (INFRACO) worth N15 Trillion , created by the federal government to bridge the massive infrastructure gap will take off in the third quarter of this year, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emfiele has said.
Emfiele spoke yesterday at investor webinars designed to showcase investment opportunities in the Privatization Program and Nigeria's economic reform, organized by the Public Company Bureau (BPE) in collaboration with the Nigerian investment promotion commission (NIPC) and the Exchange Nigerian Group (NGX)).
Vice President Yemi Osinbajo also said that in the event that despite economic reforms the government has implemented the telecommunications sector, retirement and maritime, the administration is currently making efforts to overcome the challenges in the privatization of the electricity sector.
Investors at N15 Trillion Infraco include CBN, the investment authority of Sovereign Nigeria (NSIA) and Africa Finance Corporation (AFC).
In the Goodwill message at the webinar, Emfiele said the federal government has approved KPMG as a financial advisor for Infraco, adding that the company is expected to start operations in the third quarter of 2021.
He stated that for Nigeria to achieve meaningful growth, there must be a major investment in the main sectors of the economy, including infrastructure such as trains and power, among others.
According to him, Infraco has produced a major interest in mobilizing private capital for infrastructure, adding that the approval of the Vice President has been secured to appoint KPMG as a transaction advisor.
Emfiele stated that during the last 18 months, the pandemic and the development of Covid-19 in the global crude oil market had created negatively influence not only the global economy but also the Nigerian economy.
He added: "For Nigeria, we witnessed a decline in foreign exchange income, government income along with supply chain disorders which ultimately leads to the economy falling into recession during the third quarter of 2020. Significant intervention by monetary and fiscal keys in the key to our economic sectors As in the manufacturing and agricultural sector finally helped and led to a rebound growth during the fourth quarter of 2020 because gross domestic product (GDP) grew 0.11 percent.
"Preparation of these steps has also helped support 0.51 percent growth during the first quarter of 2021. However, we consider this fragile growth and therefore seek support from us at this webinar to continue working with us. To grow our economy."
He stated that in June 2021, investment in the Importer window and exporters (I & E) stand more than N3 trillion at the average level of N412 with the dollar, adding that this means that on average working days 20 working days, almost $ 150 Million posted on the market.
In their good intentions, the Minister of Finance, Budget and National Planning, NY. Zainab Ahmed, said Nigeria had a large potential gas investment waiting to be exploited.
He stated that despite many challenges facing the country, it was still a premium investment destination in Africa.
Ahmed said the Covid-19 pandemic had provided a greater need for the federal government to falsify a stronger partnership with the private sector.
In his keynote address, Osinbajo said investor webinar was held to showcase investment opportunities arising from Nigerian economic reform and privatization activities.
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