NEWS

FG Establishes Presidential Infrastructure Development Fund

The federal government on Thursday, announced the establishment of a Presidential Infrastructure Development Fund (PIDF), which is to be managed by the Nigeria Sovereign Investment Authority (NSIA).

The fund is to be invested specifically in critical road and power projects across the country.

The National Economic Council (NEC) has also authorised the initial transfer of $650 million to the NSIA from the Nigeria Liquefied Natural Gas (NLNG) Dividend Account, as seed funding for PIDF.

This initiative aims to eliminate the risks of project funding, cost variation and completion that have plagued the development of the nation’s critical infrastructure assets  such as the 2nd Niger Bridge, Lagos to Ibadan Expressway, East—West Road, Abuja to Kano Road, Mambilla Hydroelectric Power over the last few decades.

This commitment by the President and NEC, allows all State Governments to own an economic interest in the project companies that will be professionally developed and managed by the NSIA.

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