CBN Establishes Infrastructure Finance Office

The Central Bank  of Nigeria (CBN) has established an Infrastructure Finance Office to address one of the shortcomings of Public- Private Partnership (PPP) in financing projects.

An  official of the bank told newsmen in Lagos on Tuesday, that the move was to improve infrastructural financing in Nigeria.

Official statistics said that Nigeria needed about $15 billion yearly in the next six years to develop its infrastructure and achieve its Vision 20: 2020.

The CBN source said that the new office would help operators in the private sector to access the long-term funds for infrastructural development.

“CBN has established an Infrastructure Finance Office that will enhance sustainable financing framework for PPP.”

“This move will boost the ability of the private sector to access long-term capital on concessionary terms.”

“This, we hope, will address one of the major shortcomings of the PPP,” he said.

According to him, the apex bank will also launch Infrastructure Finance Policy and Development Strategy (IFPDS) and Diaspora Mobilisation Initiative (DMI).

He said the DMI would serve as a vehicle through which Nigerians resident abroad would support development projects in the country.

The top official expressed optimism that these moves would make Nigeria more attractive to foreign direct investments.