Dr Mahmoud Isa-Dutse, a non-executive director of the Emerging Africa Infrastructure Fund (EAIF), is to lead Nigeria’s Ministry of Finance.

He will hold the rank of Permanent Secretary and is one of 18 new permanent secretaries appointed with the approval of President Muhammadu Buhari.

Dr Isa-Dutse is relinquishing all of his directorships to focus on his new role.

David White, EAIF chairman, said: “Mahmoud Isa-Dutse has brought to EAIF his deep knowledge of African business and economics, sound judgement and wise counsel. He is a man of great ability and integrity. His appointment is very good news for Nigeria.”

Dr Isa-Dutse has been replaced on EAIF’s Credit Committee by Julia Prescot, who joined the board earlier this year.

Prescot is the Chief Strategy Officer at Meridiam Infrastructure, a long-term infrastructure fund. It has grown to be a highly successful enterprise, with $3.5bn under management.

In a career of over 25 years she has advised private and public sector organisations in established and emerging markets.

White said that the board is delighted that Prescot is giving more of her time, expertise and judgement to EAIF.

“We are fortunate to have someone already on the board with the qualities, skills and experience needed for the very demanding work done by our Credit Committee,” he said.

The Emerging Africa Infrastructure Fund is a member of the Private Infrastructure Development Group.

Established in 2002, EAIF is a debt fund that has invested over $1.1bn in 58 projects in 18 sub-Saharan countries.

EAIF is financed by donor governments and commercial banks and supports private sector infrastructure projects, often in countries recovering from conflict or natural disaster.