By Etuka Sunday
Newly established US$2.5bn Infrastructure Corporation of Nigeria (InfraCorp) has launched operations after months of structuring and stakeholder consultations by the Promoters – Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), Nigerian Sovereign Investment Authority (NSIA).
This is even as the Corporation announced the appointment of Dr. Lazarus Angbazo as its founding Chief Executive Officer and Managing Director(CEO/MD).
Recall, InfraCorp was launched with an initial seed capital from the promoters of one trillion naira (US$2.5 billion) and aims to raise 3x as much in private capital over the next 3 years, and up to US$37bn for infrastructure investments in Africa’s largest economy by 2030.
InfraCorp’s core mandate was to tackle Nigeria’s infrastructure deficit and generate a growth multipliereffect across critical sectors. By supporting project development, financial structuring, and private-capital mobilization, InfraCorp will help to combat issues of underemployment and under-investment in critical nationbuilding assets.
Dr. Angbazo brings over 25 years of experience in infrastructure project development, investments, and capital raising; setting up new businesses; and leading global management teams.
He has deep knowledge of African markets and has worked across InfraCorp’s priority sectors including Power, Renewables, Transport & Logistics, and Industry.
InfraCorp was created to mobilize capital from the promoters, financial institutions, and private capital for critical infrastructure in support of Nigeria’s post-Covid recovery.
Mr. Godwin Emefiele, the Governor of the CBN said, the InfraCorp would work with the 4 appointed infrastructure asset managers and leverage the promoters’ resources – assets, capital, expertise, and opportunities – to expand the overall portfolio of public and private infrastructure and industrial assets. Its fund-raising strategy will target high quality long-term institutional investors, sovereign wealth funds, and other local and global sources of public and private capital.”
Dr. Angbazo was most recently Partner, Head of Portfolio Operations West Africa, at Helios Investments Partners, and former President and CEO of Dr. Angbazo brings over 25 years of experience in infrastructure project development, investments, and capital raising; setting up new businesses; and leading global management teams.
Nigeria and Chairman of the Board of InfraCorp, commented “In recognition of the role improved infrastructure could play in the development of our economy, along with the need to leverage private sector capital in funding and developing the over N35 trillion infrastructure deficit in Nigeria, the estimated amount required to build an efficient infrastructure ecosystem in Nigeria, CBN, NSIA and AFC have now operationalized InfraCorp.
