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Senate invite CBN Governor and Nigeria Sovereign Investment Authority CEO for clarity ahead of InfraCorp take-off

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The Oshodi-International Airport Road

By Chrystal NK Chukwudebe

TUE 01 JUNE, 2021-theGBJournal- The Nigerian Senate Tuesday mandated the Committees on Legislative Compliance and National Planning to invite the Governor of Central Bank of Nigeria (CBN) and the CEO of Nigeria Sovereign Investment Authority (NSIA) to address the committee on the proposed legal and economic framework for the establishment of the newly created Infrastructure Corporation of Nigeria Limited (InfraCorp).

Also invited are the Attorney General of the Federation (AGF) and the Works and Housing, Budget and National Planning and Transportation ministries.

The Senate say their invitation is to also articulate the regulatory parameters that will ensure a synergy between the powers and operations of the InfraCorp, and those of existing or proposed institutions established pursuant to Legislation, in order to ensure seamless operations within the Nigerian Infrastructure ecosystem.

The Senate equally mandated the Committee to review the existing legal framework regulating the financing, administration and management of the infrastructural development sector, in order to articulate an effective structure that secures a sustained source of funds for infrastructural development for private participation, identify and repeal archaic legislation and policies that are at odds with international best practices and impede on the establishment of a seamless framework for infrastructural development, and take necessary steps to establish relevant legislation and policies that will promote a more effective and efficient infrastructural development ecosystem in Nigeria.

InfraCorp was established as a dedicated 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.

The CBN, the Africa Finance Corporation (AFC) and the NSIA- the “Promoters”- recently requested for expression of interest proposals from qualified asset managers active in the infrastructure sector to manage the InfraCorp.

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