Nigeria: Infrastructure fund seeks cash

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Nigeria’s ARM Infrastructure was close to raising $250 million (R2.6 billion) in the country’s first infrastructure fund, to invest in the transport, energy and utility sectors across west Africa, with much of the money coming from pension funds, its managing director said yesterday. ARM said the fund was expected to close by mid-August and was at the documentation stage with various investors including some Nigerian pension funds and other institutional investors, such as the African Development Bank, Opuiyo Oforiokuma said. Nigeria requires around $50bn a year for the next decade to develop infrastructure, especially for power, roads and water, to help boost economic growth. Nigeria’s pension assets have grown to $25bn this year from under $4bn in 2007. – Reuters

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