The Central Bank of Nigeria has collaborated with the International Finance Corporation, a member of the World Bank Group, to strengthen private sector growth in Nigeria.
The partnership was unveiled late Thursday following the visit of the IFC delegation led by its Managing Director, Mr. Makhtar Diop, to the CBN governor, Olayemi Cardoso.
As of April 2024, Nigeria outshines some neighbouring African countries, holding the second-largest IFC portfolio in Africa with an active investment portfolio of $2.1bn.
CBN took to its X page (formerly known as Twitter) for an update regarding the visit.
CBN said, “The leadership of the CBN and IFC held a significant meeting to discuss strategies for supporting Nigeria as part of the IFC’s mandate to bridge the infrastructure gap, build productive industries, and foster inclusive business approaches.
“A key focus of the meeting was identifying areas to support private sector growth in Nigeria, including expanding access to credit, facilitating trade of receivables for SMEs, and promoting local currency liquidity enhancement solutions between the CBN and the IFC.”
The regulator added that both the CBN and IFC plan to revive Nigeria’s banking industry by fostering the development of financial products that meet the country’s needs and speeding up stability in the financial ecosystem, including setting up initiatives that are easy for Nigerian banks to adopt.
President Bola Tinubu summoned international development financiers to see Africa as a home for growth and prosperity. During the visit, President Tinubu stated, “The IFC and the World Bank need to see Africa differently.
I am glad an African is at the helm of affairs at IFC. As an African, I understand that the potential for growth, peace, stability, and prosperity is here.
The IFC team reiterates that the IFC has engaged in productive discussions with Nigerian partners to enhance agriculture and increase food production through irrigation farming.
The visit earned Johnvents Industries Limited, a leading agribusiness for economic development and agricultural transformation, a $23.3m deal to develop the cocoa sector.
