On the 25th of February 2018, the Presidency approved the establishment of the Presidential Infrastructure Development Fund (“PIDF”) to accelerate the execution of certain critical infrastructure projects, essential to the rapid growth and modernization of Nigeria’s economy.
The Nigeria Sovereign Investment Authority (“NSIA”) was mandated to act as Fund and Project Manager for the PIDF, overseeing the financing and development of projects under the PIDF. The projects currently developed under the PIDF are Abuja – Kano Road, Lagos – Ibadan Expressway and Second Niger Bridge (“Ongoing Projects).
The PIDF is being funded from various commitments made by the Federal Government of Nigeria (“FGN”) which include Budgetary Allocation, Nigeria Liquified Natural Gas dividends, Recovered Funds (Locally and Internationally) and other third-party capital. It is envisaged that PIDF will be commercialized upon completion through the development of tolls, trailer parks, Right of Way optimization, etc.
Key stakeholders of the PIDF include the Presidency, Federal Ministry of Works and Housing, Federal Ministry of Finance, Budget and National Planning, Office of the Attorney General of the Federation, Federal Ministry of Justice, Government of the United States of America, US Department of Justice, and Government of the Bailiwick of Jersey.