CBN,  IFC to provide $1bn funding options to Nigerian businesses

The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central Bank of Nigeria (CBN) to expand financing options for Nigerian businesses. Through this partnership, the IFC aims to invest over $1 billion in the coming years, focusing on critical sectors such as agriculture, housing, infrastructure, energy, small and medium enterprises, and the creative economy.

The partnership allows IFC to manage currency risks, making it possible to increase investments in the Nigerian naira. IFC Managing Director Makhtar Diop emphasized the importance of local currency financing for meeting the rising demand for diverse funding options, essential to foster economic growth and create jobs.

CBN Governor Olayemi Cardoso highlighted that the collaboration represents a shift towards sustainable local financing, crucial for economic diversification and long-term growth. The IFC noted its commitment to developing innovative financial instruments and expanding partnerships to meet the demand for local currency financing across emerging markets.

VANGUARD