Nigeria has picked four asset managers to run a $37 billion fund set up to drive investment in roads, railways and power projects in Africa’s largest economy, according to Bloomberg. The news agency reported spokesman of the Central Bank of Nigeria (CBN), Osita Nwanisobi, as saying that Vice President, Professor Yemi Osinbajo, approved hiring money managers for the Infrastructure Corp.
of Nigeria Ltd. Government hired Netherlands-based Sanlam Infraworks, AIIM, a unit of South Africa’s Old Mutual Group, Lagos-based Chapel Hill Denham; Tripple A consortium comprising AfricaPlus Partners and Arc Asset Management as well as Afrinvest West Africa, a Nigerian investment bank Following the conclusion of the hiring process, the infrastructure corporation is expected to begin full operation by the third quarter of 2021, Bloomberg reported CBN Governor, Godwin Emefiele, as saying at a virtual event, yesterday.
Investors in the Infrastructure Corp. of Nigeria Ltd. include CBN, the Nigeria Sovereign Investment Authority (NSIA) and the Africa Finance Corporation (AFC). President Muhammadu Buhari, earlier this year, approved N1 trillion ($2.4 billion) for the company to help close the huge infrastructure deficit in the country. Nigeria needs at least $3 trillion over 30 years to build roads and power plants to close its infrastructure gap, according to Moody’s Investors Service. This is needed to accelerate growth in an economy that’s just recovering from a recession.