The Infrastructure Bank (TIB) has unveiled plans to raise N1 trillion over the next five years to tackle Nigeria’s infrastructure deficit.
Nkiru Chime, the acting managing director of TIB, announced this initiative during an event in Abuja, where the bank was being rebranded.
She emphasized that the funds for this ambitious undertaking would be entirely sourced from the private sector.
TIB intends to support the recently established Infrastructure Support Fund (ISF) initiated by President Bola Tinubu in July. The ISF, designed to alleviate the impact of petrol subsidy removal, was endowed with a starting capital of N790 billion.
Chime explained that TIB is dedicated to addressing Nigeria’s infrastructure needs and stated, “TIB is going to drive capital mobilization towards infrastructure development, and our medium-term goal is to bring in the neighborhood of N1 trillion to bridge the infrastructure deficit in Nigeria.
The amount will come primarily from the private sector within the next five years.”
Aliyu Mohammed, a director in the federal ministry of finance, expressed the federal government’s intention to collaborate with TIB to attract foreign investments for infrastructure development.
Tony Edeh, the group managing director of Noreen Berger Financial Group, highlighted the importance of the right partnerships in fostering growth in Nigeria’s infrastructure sector.
He emphasized that if these vital partnerships, particularly those led by the private sector, can address the critical challenges in infrastructure, there is substantial potential for growth in Nigeria’s infrastructure landscape.