The Central Bank of Ngeria (CBN) has hired KPMG LLP as transaction adviser for its newly created infrastructure fund, according to a person familiar with the matter.
The bank appointed KPMG after considering bids by firms including PricewaterhouseCoopers LLP, Boston Consulting Group and McKinsey & Co., said the person, asking not to be identified because the information isn’t public yet.
Bloomberg said, KPMG didn’t answer two calls seeking comment on yesterday.
President Muhammadu Buhari last month approved N1 trillion ($2.5 billion) of seed capital for the Infrastructure Corp. of Nigeria Ltd., which the central bank initiated last year. The fund has been established to raise as much as N15 trillion for power, road and railway projects in Africa’s largest economy.
Nigeria is boosting infrastructure investment to stimulate economic growth after exiting its second recession in four years in the fourth quarter. The nation needs at least $3 trillion over 30 years to close its infrastructure gap, Moody’s Investors Service said in November.
A process to select a fund manager for the InfraCorp was also extended by two weeks to March 30, according to a notice published on the central bank’s website on Monday.
The apex bank announced plans to hire an asset manager for its new Infrastructure Corp. of Nigeria Limited last month to raise as much as N15 trillion ($36.7 billion) for projects and to accelerate growth in Africa’s biggest economy.
The nation’s central bank and its funding partners – Africa Finance Corp. and state-owned Nigeria Sovereign Investment Authority — are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan, according to a person with knowledge of the matter. The person requested not to be named because the matter is not yet public.
