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The International Finance Corporation (IFC), a World Bank Group member, and the Central Bank of Nigeria (CBN) have announced a new agreement to expand local currency financing, aiming to unlock over $1 billion in investments across essential sectors of the Nigerian economy.
In a joint statement issued Monday, IFC Managing Director Makhtar Diop and CBN Governor Yemi Cardoso outlined the initiative, which will provide naira-based funding to sectors including agriculture, infrastructure, housing, energy, small and medium enterprises, as well as Nigeria’s youth and creative industries.
The IFC stated its commitment to significantly increase financing for critical sectors in Nigeria, targeting over $1 billion in investments in the coming years.
Highlighting the need for local currency funding across many sectors, the IFC also noted that its partnership with the CBN will play a crucial role in broadening access to affordable, long-term financing.
The agreement aims to improve private sector access to long-term, affordable local currency financing, addressing currency risks and enabling businesses to grow.
