CBN taps InfraCorp, others for infrastructure fund

The Infrastructure Corporation of Nigeria (InfraCorp) and four independent asset managers have inked a term sheet with the Central Bank of Nigeria (CBN) to build the country’s infrastructure.

A term sheet is a non-binding agreement that lays out the essential terms and conditions of an investment. The deal was inked on Friday at the CBN’s Lagos office, according to CBN Governor Godwin Emefiele.

Sanlam InfraWorks, Africa Infrastructure Investment Managers (AIIM), AAA Consortium, and Chapel Hill Denham are the four independent infrastructure asset managers.

President Muhammadu Buhari approved InfraCorp in February 2021. It was founded with a N1 trillion start-up fund for the construction of vital infrastructure projects to aid the country’s prosperity. It is predicted that its budget will increase to N15 trillion.

InfraCorp is a privately-managed infrastructure and industrial vehicle that will harness opportunities for Nigeria’s infrastructure development by originating, structuring, executing, and managing end-to-end bankable projects in that space. It is supported by the CBN, Africa Finance Corporation (AFC), and the Nigeria Sovereign Investment Authority (NSIA).