The Federal Government Thursday revealed plans to set up a $25 billion infrastructure Fund to bridge the funding gap in infrastructure development in the country.
The Minister of Finance, Mrs Kemi Adeosun, made the disclosure at the inauguration of the 10-year Capital Market Master Plan, Nigeria Investor Protection Fund (NIPF), and the launch of the Corporate Governance Scorecard for quoted companies by the Securities and Exchange Commission (SEC) in Lagos.
She explained that setting up the Fund became necessary due to the need to upgarde the country’s current infrastructure, and urged the capital market community to come up with other innovative ways of mobilizing capital needed to address the nation’s infrastructure problem.
“In the current environment of significant revenue squeeze and other budgetary constraints, these investments will clearly not come from government coffers alone. We believe this is where the capital market can really make itself relevant by stepping in to close the funding gap.
Government is already looking to set up a $25 billion fund wholly dedicated to infrastructure investments. A crucial assignment we have for the capital market community is to come up with other innovative ways of mobilizing the capital needed to address Nigeria’s infrastructure challenge,” she said.
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