FG’s $25 Billion Infrastructure Fund Receiving Favourable Interests – Osinbajo

According to the Vice President, Prof. Yemi Osinbajo, the plan of the federal government to raise a $25 billion infrastructural fund from the global community and establish long term bankable projects is fast  gaining attraction,

“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 that paid him a courtesy visit on Tuesday in his office.

Explaining the idea of the Fund to the delegation, Prof. Osinbajo said the Nigeria Sovereign Investment Authority which manages the country’s sovereign wealth fund was 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 involves such commercial partners.

He disclosed that the China-Exim Bank has agreed to finance the railway projects linking Lagos to Kano and Lagos to Calabar.

The Vice President reiterated the federal government’s determination to raise revenue internally to fund the budget, including through an expansion of VAT coverage but not an increase of the VAT rate.

The delegation of the Lagos Chamber of Commerce and Industry was led by Chief Mrs. Nike Akande, who declared the support of the Chamber for the federal government’s fight against corruption.

Mrs. Akande, a former federal minister for Industry called on the Central Bank of Nigeria to find a foreign exchange regime that would boost the confidence of investors and remove uncertainly.

The Vice President told the delegation that the federal government is focused on finding solutions to the economic situation including through a focus on building infrastructure and also diversifying the economy, especially through agriculture. Besides, the government is also focussing on creating an enabling environment for business and investments in the country.