IFC to finance Nigerian private sector projects

The International Finance Corporation (IFC) and Nigeria’s Central Bank (CBN) have signed a strategic agreement to boost Nigerian private sector through financing priority projects thereby strengthening local currency.

Through this partnership, IFC plans to increase its investment in Nigerian naira across priority sectors, such as agriculture, housing, energy, infrastructure, small businesses, and the youth economy, targeting over $1 billion in the coming years.

CBN Governor Yemi Cardoso noted the initiative’s role in delivering long-term financing at viable rates, marking a shift towards development-focused economic diversification.

IFC Managing Director Makhtar Diop added that enhancing naira-based lending aligns with IFC’s $2.13 billion Nigerian portfolio, supporting economic growth and job creation.

Attribution: IFC

Subediting: M. S. Salama