AIIM, Sanlam Infraworks and others selected for Nigeria’s new infra fund

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Nigeria’s government has approved the appointment of several managers for a new infrastructure fund initiative backed by the Central Bank of Nigeria, the Nigeria Sovereign Investment Authority, and the Africa Finance Corporation. Following a selection process that got underway in March, African Infrastructure Investment Managers (AIIM), Sanlam Infraworks, Chapel Hill Denham, Tripple A (a consortium made up of AfricaPlus Partners and Arc Asset Management), and Afrinvest West Africa have been hired to manage the fund which is called the Infrastructure Corporation of Nigeria.

The fund, which has been seeded with $2.4 billion by the government, aims to raise a total of $37 billion to invest in roads, railways, and power projects across Nigeria. Moodys estimates that the country’s infrastructure will need $30 trillion in investment over the next three decades in order to plug the gap facing the economy. Part of the new managers’ mandates will be to raise the additional capital needed by the $37 billion investment vehicle from both domestic and international institutions.

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