To boost Nigeria’s economic sectors, the International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to expand local currency financing.
This partnership aims to unlock over $1 billion in naira-based investments across sectors like agriculture, infrastructure, housing, energy, and small to medium-sized enterprises, along with Nigeria’s creative and youth industries.
According to a joint statement released on Monday, the deal was formalized by IFC Managing Director Makhtar Diop and CBN Governor Yemi Cardoso.
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The collaboration is set to increase access to long-term, affordable naira-based funding for private businesses, helping mitigate currency risks and foster economic growth.
Cardoso described the initiative as a “pioneering effort” that aligns with Nigeria’s goals to diversify its economy and drive sustainable growth through innovative financing solutions. Diop highlighted IFC’s dedication to expanding funding access, emphasizing that affordable local currency financing is critical for supporting small businesses in Nigeria.
With a portfolio of $2.13 billion in Nigeria, IFC is the second-largest financer of the country in Africa, aiming to further elevate its impact through this local currency partnership with CBN.
