Economy

FG approves establishment of N15trn Infraco Plc

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FG approves establishment of N15trn Infraco Plc

By Ismaila Chafe
President Muhammadu Buhari approved the creation of Infraco Plc, a world-class infrastructure development vehicle fully focused on Nigeria with a capital structure of N15 trillion.
The president revealed it on Saturday in a broadcast to mark this year’s Democracy Day.
He expressed optimism that the company, when fully functional, will solve the country’s infrastructure deficits and eventually transform the economy.
He also revealed that his administration had succeeded in accelerating infrastructure development through sensible and transparent borrowing, improved capital inflow, improved and increased income through the capture of more plates. fiscal policies and prudent management of investment products in the Sovereign Fund.
According to him, the rail system is not left out as the Itakpe-Warri standard track rail was completed and put into service 33 years after construction began.
He said the Lagos-Ibadan double-track railway line, which he inaugurated on June 10, 2021, had started to operate.
“We are working to ensure that our infrastructure strategy is the key to economic growth and that all Nigerians can feel it. Building critical infrastructure in our ports also opens up opportunities for the Nigerian economy.
“My approval for four new seaports using a public-private partnership approach is based on the growth of the Nigerian economy.
“These four seaports; Lekki Deep Water Port, Bonny Deep Water Port, Ibom Deep Water Port and Warri Deep Water Port will create huge employment opportunities and foreign investment flows.
“We have worked on deepening our eastern ports, which has led to success, such as the docking of three container ships at the port of Calabar, a first in 11 years.
“Likewise, on October 30, 2019, an LPG tanker operated by NLNG docked at Port Harcourt, the first time an LPG vessel has called at one of the eastern ports.
“As we invest in these new assets, we have also made progress in ensuring that they are secure and protected.
“In this regard, I am also pleased to note the launch of the NIMASA Deep Blue project, an integrated national security and waterway protection infrastructure that I recently commissioned.
“This initiative is designed to add to the layer of security we have to protect our maritime sector,” he added.
The president also listed his administration’s achievements in the agricultural sector to include the Anchor Borrowers Program which saw the country’s main food import bill drop sharply from $ 2.23 billion in 2014. to $ 0.59 billion at the end of 2018.
According to him, the bill for rice imports alone has also risen from $ 1 billion to $ 18.5 million per year.
He observed that the Anchor Borrowers initiative had supported local production of rice, maize, cotton and cassava.
He revealed that the government had funded 2.5 million smallholder farmers cultivating about 3.2 million hectares of farmland across the country and created 10 million direct and indirect jobs.
“Several other initiatives, namely the Agricultural / Small and Medium Enterprise Investment Program, Non-Oil Export Stimulation Facility, Targeted Credit Facilities have been implemented in the 774 local governments.
“In the manufacturing sector, the 200 billion naira CBN – BOI facility has financed the creation and operation of 60 new industrial hubs across the country, creating around 890,000 direct and indirect jobs,” he added. .
The President noted that the Nigerian Central Bank’s Textile Response Facility of 50 billion naira has increased the capacity utilization of ginning plants from 30 percent to nearly 90 percent.
According to him, the economic sustainability plan – the national rebound plan for the COVID-19 pandemic developed in 2020, is currently being implemented.
He said the plan was primarily focused on the non-oil sector, which had experienced phenomenal growth contributing more than 90% to GDP growth in the first quarter of 2021.
“Although marginal, we recorded GDP growth over two quarters; Q2 2020 and Q1 2021. This is proof of successful execution of the PES by the federal government.
Buhari said his administration’s vision of lifting 100 million poor Nigerians out of poverty within 10 years had been implemented and could be seen in the National Social Investment Program; “A first in Africa and one of the largest in the world, with more than 32.6 million beneficiaries participating.
“We now have a national social registry of poor and vulnerable households, identified in 708 local government areas, 8,723 neighborhoods and 86,610 communities in the 36 states and the CTF.
He further maintained that the administration’s conditional cash transfer program had benefited over 1.6 million poor and vulnerable households comprising over eight million people, saying that “this provides a monthly allowance of N 10,000. per household ”.
The president revealed that he had recently approved the National Poverty Reduction and Growth Strategy Plan which complements existing plans to further reduce poverty in the country.
He said: “By the end of 2020, the Development Bank of Nigeria had disbursed 324 billion naira in loans to over 136,000 MSMEs, through 40 participating financial institutions.
“I should note that 57 percent of these beneficiaries are women while 27 percent are young people,” he said. (NAA)

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