By Adewale Sanyaolu with agency reports

Following last week’s non-deal road show in the United States of America (USA), U.S. Fund Manager-Pecora Capital, has agreed to raise $2 billion over the next 18 months for Nigerian infrastructure projects.
“As a long-term investor, we see a time of crisis as an opportunity, adding that he expects the fund to achieve returns of 25 percent a year over its 7-year lifespan.” Aaron Smith, Managing Director of Pecora said.
Smith said areas of possible investment included agriculture, telecommunications and transport as the fund hopes to take advantage of the huge demand for improved infrastructure in a country of around 190 million people.
“I understand that is a concern and we’ve thought about it but we definitely don’t foresee over the timeframe we’ve set out that we’ll have any problems getting money out of the country.
The fundamentals and demographics in Nigeria, in terms of population, in terms of infrastructure deficits, all offer huge opportunity and the availability of high returns,” Smith said.
Pecora is a privately-owned firm and does not disclose its assets under management or previous performance, he said.
The $2 billion infrastructure investment is coming at a time President Muhammadu Buhari is trying to attract foreign direct investment to help support an economy that slipped into contraction in the first quarter this year as lower oil prices hammered Africa’s largest crude exporter.
A string of attacks on oil pipelines by militants in the restive Niger Delta has compounded Nigeria’s economic problems and many investors have complained about the poor current business environment.
A more than halving of oil prices since 2014 has sapped the supply of foreign currency in Nigeria, making it difficult for businesses to import basic equipment or for foreigners to repatriate dollars, raising the risks for investors.
Smith said areas of possible investment included agriculture, telecommunications and transport as the fund hopes to take advantage of the huge demand for improved infrastructure in a country of around 190 million people.
The Nigerian fund will be based in the Cayman Islands and hopes to attract investment from the U.S., Asia and Europe