Dr. Demola Sogunle, Chief Executive Officer of Stanbic IBTC Holding Plc, has announced that the bank established a N100 billion fund as part of its contribution to ongoing efforts to close the infrastructure gap in Nigeria.
Sogunle noted this during a Hybrid event organized by the Rotary Club of Ikeja, District 9110 which was themed: “Solving Infrastructure Deficit in Nigeria”, on Monday in Lagos.
In his comment, he restated that the infrastructure deficit truly in Nigeria is a reality that requires urgent attention and solution.
“So, in order for us not to complain, we saw the situation and decided to create value by introducing IBTC Infrastructure fund of N100 billion, and the important thing is that we have started disbursing already. The plan is simple: we would provide project owners with long-term capital to fund their projects whilst investors enjoy competitive returns as well as achieve set investment goals,” he said.
Sogunle also indicated that Nigeria, ranking 7th in terms of population, needed US$1.5 trillion over the next decade to completely bridge the infrastructure gap, which is a lot of money.
He observed that the cut of the federal budget allocated towards infrastructure can not get the country where it desperately needs to be. These are among some of the reasons for which the lender chose to set up the fund.
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