FG and IFC Partner to Boost Bankable Infrastructure and Attract Private Investment in Nigeria
The Federal Government (FG) of Nigeria has signed a landmark cooperation agreement with the International Finance Corporation (IFC) to accelerate the delivery of bankable infrastructure projects and mobilise private capital crucial for the country’s economic transformation. The agreement was signed in Abuja on Wednesday, in the presence of senior government officials, including the Ministers of Budget, Finance, and Health, alongside top executives from the World Bank Group and IFC.
Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, emphasized that the partnership aims to close Nigeria’s significant infrastructure gap by preparing credible, investment-ready projects that can attract private investors. “Nigeria is a country brimming with opportunities. With a population exceeding 230 million, our needs in rail, energy, water, healthcare, and digital infrastructure are vast. This agreement ensures projects are prepared adequately so investors can have confidence in where to allocate capital,” he stated.
Speaking for IFC, Vice President for Africa Ethiopis Tafara described the deal as the result of a year-long collaboration rooted in a shared vision for Nigeria’s future. Tafara highlighted that the agreement will enhance project and budget preparation by improving the identification, structuring, and delivery of high-impact projects across key sectors. “This is not just about signing a document. It is about laying the foundation for transformative initiatives that generate employment, attract investment, and improve lives,” he noted.
IFC Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, added that the agreement marks a significant milestone in Nigeria’s development journey. She underscored that Nigeria’s youthful population and ongoing reforms provide immense growth potential that can be unlocked through robust infrastructure and effective public-private partnerships. Khalifa also revealed that IFC has mobilized around $20 billion in investments over the past five years and quadrupled its staff in Nigeria to deepen engagement.
The cooperation underscores the vital role of public-private partnerships in bridging Nigeria’s infrastructure gap. By focusing on transport, energy, water, digital infrastructure, and small and medium-sized enterprises, the FG and IFC aim to turn ambitious plans into actionable projects. “Together, we will build something meaningful for Nigeria—projects that connect markets, power industries, and unlock the full potential of the Nigerian people,” Khalifa concluded.
source: vanguard