International Finance Corporation (IFC) and Central Bank (CBN) of Nigeria have signed a strategic agreement to boost Nigerian private Sector through financing priority projects thereby strengthening local currency.
Through this partnership, IFC plans to increase its investment in Nigerian naira across priority sectors, such as agriculture, housing, energy, infrastructure, small businesses, and the youth economy, targeting over $1 billion in the coming years.
CBN Governor Yemi Cardoso at the signing of the agreement noted the initiative’s role in delivering long-term financing at viable rates, marking a shift towards development-focused economic diversification.
On his part, the IFC Managing Director Makhtar Diop added that enhancing naira-based lending aligns with IFC’s $2.13 billion Nigerian portfolio, supporting economic growth and job creation.
Author: Maureen Ikpeama