When the Infrastructure Corporation of Nigeria (InfraCorp) was launched in 2021 with a projected seed capital of N15 trillion (then $37 billion), hopes were high. Touted as Nigeria’s most ambitious public-private infrastructure vehicle, it was designed to reverse decades of underinvestment in roads, power, rail, agriculture, and logistics. Backed by the Central Bank of Nigeria (CBN), the African Finance Corporation (AFC), and the Nigeria Sovereign Investment Authority (NSIA), InfraCorp was expected to bridge the yawning infrastructure gap with the promise of modernity and inclusive growth.
Today, that dream lies dormant.
From Promise to Pause: The Slow Unraveling
According to the 2024 audited financial statement, the CBN currently holds 70% shareholding in InfraCorp, suggesting a contribution of N700 billion out of the original N1 trillion seed capital. Yet, beyond an address in the Bank of Industry building in Abuja and a quiet management structure, there is little public record of InfraCorp’s operational milestones.
Dr. G. Fraser, MFR, governance consultant and infrastructure reform advocate, lamented the project’s inertia:
“InfraCorp was meant to be the vehicle that unlocked trillions in long-term capital for national transformation. Its abandonment reinforces the pattern of personalising public initiatives and letting them die with their initiators. Nigeria cannot afford this cycle anymore.”
Even the company’s own asset managers have sounded the alarm. Ike Chioke, Managing Director of Afrinvest and member of the AAA Consortium contracted to manage InfraCorp’s funds, bluntly described the venture as “stillborn.”
Nigeria’s Trillion-Dollar Problem
Moody’s Investors Service has estimated that Nigeria requires $3 trillion in infrastructure investment over 30 years—equivalent to N4.8 quadrillion at current exchange rates. That means the country should be spending at least N160 trillion yearly on infrastructure. Yet, the 2025 federal allocation for infrastructure is a mere N5.99 trillion, about 3.7% of the required amount.
While state governments collectively budgeted N17.7 trillion for capital projects this year (according to BudgIT), the actual infrastructure allocation—once inflated categories like “vehicles” and “IT equipment” are stripped away—is unlikely to exceed N15 trillion in real terms. The total infrastructure investment from all tiers of government may amount to less than 10% of what’s needed annually, further deepening the deficit.
What InfraCorp Was Meant to Be
InfraCorp’s design was bold. It would serve as:
A catalyst for PPPs (public-private partnerships)
A conduit for international and domestic private capital
A platform to toll and recoup major federal infrastructure investments
A coordinator of projects in energy, roads, agriculture, and social infrastructure
Initial projects included the Lagos-Ibadan Expressway, Abuja-Kano Road, and the Second Niger Bridge—all bottlenecked by funding delays. InfraCorp was expected to refinance early government interventions and eventually build a commercially sustainable user-charge framework, similar to what China, India, and Brazil have done.
Lessons from Emerging Markets
China, through state-led banks and hybrid public-private financing models, has invested over $8 trillion in infrastructure in the past 20 years—building world-class transport, energy, and digital systems.
India, facing similar constraints as Nigeria, created the National Investment and Infrastructure Fund (NIIF) in 2015. With initial government equity and private co-investments, NIIF now manages over $4 billion in infrastructure assets, from roads to renewable energy, by partnering with international fund managers and sovereign wealth funds.
Brazil revitalized its infrastructure landscape by adopting robust PPP laws, empowering a national development bank (BNDES), and leveraging user-charge concessions on toll roads and utilities. It now spends over 60% of its infrastructure funding through private partnerships, compared to Nigeria’s single-digit contribution.
What Went Wrong with InfraCorp?
The collapse of InfraCorp speaks to structural flaws:
Over-centralization of control under the CBN
Lack of legal autonomy and public transparency
Overreliance on one individual’s vision (former CBN Governor Emefiele)
Failure to insulate critical national projects from leadership transitions
Low private sector confidence due to weak governance frameworks
Since the appointment of Lazarus Angbazo as Managing Director in 2022, little has been heard publicly from InfraCorp, despite active offices and media presence at the time of launch. The asset managers—Sanlam InfraWorks, AIIM, AAA Consortium, and Chapel Hill Denham—have received no project mandates or updates, raising questions about the fate of the N1 trillion.
How to Resuscitate InfraCorp
To avoid another missed opportunity, experts recommend:
1. Re-establish InfraCorp as an independent statutory entity, not a subsidiary under the CBN.
2. Legislate its structure and mandate, with reporting lines to the National Assembly and infrastructure ministry.
3. Bring in global infrastructure fund managers with track records in emerging markets.
4. Mandate priority projects (e.g., transport corridors, power evacuation lines, agricultural hubs) with ROI models.
5. Enforce private sector governance standards—transparency, quarterly reporting, independent audits.
6. Link InfraCorp to state government needs, creating co-financing options with governors for regional infrastructure priorities.
Conclusion: Nigeria’s Infrastructure Future Cannot Be Paper-Bound
Nigeria’s infrastructure gap is not just a budget problem—it’s a vision and execution problem. InfraCorp was envisioned as a long-overdue bridge between public ambition and private investment. Instead, it has become yet another cautionary tale in the archives of Nigeria’s policy paralysis.
“We cannot continue building castles in policy documents while our roads crumble and our economy stalls,” Dr. Fraser warned. “If InfraCorp is not revived with urgency, we will lose another decade to vision without structure.”
As the Tinubu administration seeks private-sector-led growth, reactivating InfraCorp with bold reforms would signal a credible commitment to real investment, job creation, and national productivity.
The time to move from planning to pavement is now.
Headlinenews.news Special Investigative Report.
“$37 Billion InfraCorp in Limbo: Nigeria’s Infrastructure Lifeline Gone Silent”- This is where bad leadership has led Nigeria and past leaders are unaccountable for these issues. What does Jonathan, Obasanjo, Buhari have to say about this? Nobody is asking and this is one of Nigeria’s biggest problem. Tinubu has impressed me so far with his bold reform style. He deserves the support of Nigerians for the 8 years tenure. -Dr. Amiida.
“From Vision to Vacuum: The Stillbirth of Nigeria’s InfraCorp Dream”- So sad to read about this. Nigeria has wasted initiatives that could have repositioned the country better, but poor leadership has been our biggest challenge. Today, we have a Leader who knows his onions and how to govern with results. Tinubu will touch any area his attention is drawn. Let’s pray for him. – Former Governor.
“InfraCorp Paralysis: How Nigeria’s $37B Infrastructure Vehicle Stalled Before Takeoff”
This is one of the biggest faux pa’s of the century for Nigeria. A bold leader like President Tinubu ought to take the bull by the horns to address it. – -Distinguished Senator.
“Nigeria’s Infrastructure Crisis Deepens as InfraCorp Fades into Bureaucratic Obscurity” This is such a waste. Interesting write-up, hope the FG will respond positively. Thanks Headlinenews.news for an excellent piece. – Elder Statesman.
“A $37 Billion Missed Opportunity: Inside the Collapse of Nigeria’s InfraCorp Initiative”, most unfortunate, let’s hope President Tinubu can fix this. So much has been neglected in this huge country that it would take a super leader almost 10 years to rectify and stabilize. – the National Patriots.
“Abandoned Ambition: How InfraCorp Failed to Build Nigeria’s Future” quite true. Infracorp should be reactivated to meet its objectives. Tinubu’smagic wand should touch it. – Prof. Sule Adamu.
