The Federal Government’s plan to raise a $25 billion Infrastructural Fund from the global community and establish long term bankable projects is gaining traction, Vice President, Prof. Yemi Osinbajo, has said.
“We have seen considerable favorable interests from some sovereign wealth funds and other nations,” the VP told a delegation of the Lagos Chamber of Commerce and Industry (LCCI) that paid him a courtesy call yesterday in his office in Abuja.
The VPsaid the Nigeria Sovereign Investment Authority (NSIA) which manages the country’s sovereign wealth fund is leading the project, adding that the Infrastructural Fund would create opportunity for commercial partners to participate in the building of the nation’s infrastructures alongside the Federal Government. This would be done through the establishment of bankable projects that involve such commercial partners.
He said the China-Exim Bank has agreed to finance the railway projects linking Lagos to Kano and Lagos to Calabar. ‘We expect these will generate some economic activities and create jobs,” he said.