President Muhammadu Buhari has approved the establishment of a Public Private Partnership-styled Infrastructure company named Infra-Co, with an initial seed capital of N1 trillion.

The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, disclosed this in a statement on Friday titled “President Buhari Approves Formation of Trillion Naira Company to Address Infrastructure Deficit.”

The statement read: “President Muhammadu Buhari has approved the establishment of a Public-Private Partnership styled Infrastructure company named Infra-Co with an initial seed capital of N1trillion.

“It is envisaged that, over time, the entity will grow to N15trillion in assets and capital.

“Infra-Co will be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development. The entity has been developed with concept designs from the National Economic Council and  the Central Bank of Nigeria.

“The President had asked Vice President Yemi Osinbajo, SAN, to chair a Steering Committee tasked with setting up the company.

“The initial seed capital for the entity will come from the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority, NSIA, and the Africa Finance Corporation.