The Central Bank of Nigeria (CBN) recently signed an agreement with the International Finance Corporation (IFC) to enhance local currency financing for Nigerian businesses. This partnership, a significant outcome from the IMF & World Bank Annual Meetings, aims to expand IFC’s naira-based investments in priority sectors such as agriculture and housing, supporting essential areas of Nigeria’s economy.
Announced on CBN’s official X handle, the collaboration is set to mobilize over $1 billion in funding over the next few years. This financing boost is expected to contribute to economic growth, job creation, and increased diversification, providing Nigerian businesses with the capital needed to expand and drive innovation in key economic sectors.
“The Central Bank of Nigeria (CBN) has signed an agreement with the International Finance Corporation (IFC) to boost local currency financing for Nigerian businesses, marking a key outcome alongside the IMF & World Bank Annual Meetings.”
“This partnership will enable the IFC to scale its naira-denominated investments across priority sectors of the Nigerian economy, including agriculture, housing, infrastructure, energy, small and medium enterprises, as well as the creative and youth economy.”
“The collaboration is set to channel over $1 billion in financing across the coming years to drive economic growth, job creation, and diversification across Nigeria”
“CBN Governor, Olayemi Cardoso described the partnership as part of the CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs,” the post on X read.
