The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing in Nigeria. This partnership aims to unlock over $1 billion in investments across key sectors, including agriculture, infrastructure, housing, energy, small and medium enterprises, and the creative and youth industries.
The agreement will provide naira-based financing to private businesses, enabling them to thrive by improving access to long-term, affordable local currency funding. This will mitigate currency risks and support the Federal Government’s agenda to diversify the economy and catalyze sustainable growth.
CBN Governor Yemi Cardoso described the partnership as a “pioneering initiative” that reflects the bank’s shift towards innovative financing solutions. IFC Managing Director Makhtar Diop emphasized the organization’s commitment to fostering economic growth and creating jobs across Nigeria.
With a portfolio of $2.13 billion, Nigeria is the second-largest beneficiary of IFC’s financing in Africa. The partnership aims to scale up financing to over $1 billion in the coming years.