{"id":115328,"date":"2021-02-27T12:55:01","date_gmt":"2021-02-27T04:55:01","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=115328"},"modified":"2021-02-27T12:58:28","modified_gmt":"2021-02-27T04:58:28","slug":"nigeria-seeks-fund-manager-for-us37-billion-infrastructure-unit","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=115328","title":{"rendered":"Nigeria seeks fund manager for US$37 billion infrastructure unit"},"content":{"rendered":"\n<figure class=\"wp-block-image alignwide\"><a href=\"https:\/\/www.ghanaweb.com\/GhanaHomePage\/africa\/Nigeria-seeks-fund-manager-for-US-37-billion-infrastructure-unit-1190023?gallery=1\"><img src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/270\/27021296.295.jpg\" alt=\"Nigeria Central Bank\"\/><\/a><\/figure>\n\n\n\n<p style=\"text-align:center\"><strong><em>Nigeria Central Bank<\/em><\/strong><\/p>\n\n\n\n<p>ABUJA, Feb 27 (NNN-AGENCIES) &#8212; Nigeria plans to hire an asset manager for its new Infrastructure Corp. of Nigeria Ltd., designed to raise as much as 15 trillion naira ($36.7 billion) for projects and to accelerate growth in Africa\u2019s biggest economy.<br><br>The nation\u2019s central bank and its funding partners &#8211; Africa Finance Corp. and state-owned Nigeria Sovereign Investment Authority &#8212; are seeking proposals from companies to independently manage the infrastructure company\u2019s capital-raising plan, according to a person with knowledge of the matter. <\/p>\n\n\n\n<p>President Muhammadu Buhari this month approved the government\u2019s seed capital of 1 trillion naira for InfraCorp, as the company is known, along with some private investment. The company will help fund projects from roads to railways and power plants.<\/p>\n\n\n\n<p>The fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company, according to the person. Asset managers seeking the role must have been active in infrastructure financing.<br><br>\u201cWe need to be innovative in our approach to developing our infrastructure in Nigeria,\u201d central bank Governor Godwin Emefiele said in a text-message sent by an official from the institution. \u201cWe believe that InfraCorp will be a major game-changer in this regard.\u201d<br><br>PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG expressed interest in being transaction advisers on the deal, according to the person. Ukiri Lijadu and Co. and Kenna Partners were appointed legal advisers, the person said.<br><br>Africa\u2019s most populous country plans to boost infrastructure investments to stimulate economic growth after exiting its second recession in four years in the fourth quarter. <\/p>\n\n\n\n<p>The nation needs at least $3 trillion over 30 years to close its infrastructure deficit, Moody\u2019s Investors Service said in a November report. &#8212; NNN-AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria Central Bank ABUJA, Feb 27 (NNN-AGENCIES) &#8212; Nigeria plans to hire an asset manager for its new Infrastructure Corp. of Nigeria Ltd., designed to raise as much as 15 trillion naira ($36.7 billion) for projects and to accelerate growth in Africa\u2019s biggest economy. The nation\u2019s central bank and its funding partners &#8211; Africa Finance [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":115332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[213],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/115328"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=115328"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/115328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/115332"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=115328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=115328"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=115328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}