President Bola Tinubu has approved the set-up of a new Infrastructure Development Fund to facilitate effective infrastructure development across the nation’s critical sectors, including agriculture, transportation, ports, aviation, energy, healthcare, and education. Tagged, “Renewed Hope Infrastructure Fund,” the fund is expected to invest in critical national projects, which, according to the presidency, will among other things, promote growth; enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports. In a statement by the special adviser to the president on media and publicity, Ajuri Ngelale, the objectives of the fund include, “Establishing an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement.
Execute strategic and meticulously chosen national infrastructure projects across several key sectors, including road, rail, agriculture (irrigation, storage, logistics and cold chain), ports, and aviation, among others. Efficiently utilize and aggregate accessible low-interest loans, such as concessionary loans and Eurobonds, supplemented by the procurement of other favourable financing options, in addition to budgetary allocations. Guarantee Nigeria secures the most advantageous arrangements for financing, construction, and subsequently, operation and maintenance of the identified projects, ensuring optimal long-term outcomes for the nation.” The Presidency also said the fund will identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs; co-financing (public-private partnerships) with key institutions, multilateral development institutions, as well as equity investments.
