The federal government and the Nigerian Sovereign Investment Authority (NSIA), managers of the Sovereign Wealth Fund (SWF), have proposed the establishment of a Nigeria Infrastructure Finance and Guarantee Facility (NIFF), a dedicated provider of credit and guarantees for local infrastructure projects.
The proposed NIFF seeks to bridge the infrastructure financing gap by providing a stable source of funding and guarantees for critical projects.
The move to set up the NIFF was considered when the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with a visiting delegation from the NSIA to discuss innovative solutions towards addressing Nigeria’s infrastructure financing gap.
A statement issued on Thursday night by Director, Information and Public Relations, Ministry of Finance, Mohammed Manga, said the NSIA delegation, led by its Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq, comprised Executive Director and Chief Investment Officer, Mr. Kola Owodunni; Financial Controller, Mr. Victor Sesere; Partner at PwC, Mr. Tolu Adeleke; and Senior Assistant at PwC, Ms. Olumorin Motunrayo.
The statement said, “The meeting, which was held today (Thursday, August 1) in his office in Abuja, proposed the establishment of a Nigeria Infrastructure Finance and Guarantee Facility (NIFF), a dedicated provider of credit and guarantees for local infrastructure projects.
“The proposed NIFF aims to bridge the infrastructure financing gap by providing a stable source of funding and guarantees for critical projects.
“This strategic partnership between the federal government and NSIA demonstrates a commitment to driving economic growth and development through innovative financing solutions.”