LAGOS, Nigeria (VOICE OF NAIJA)-The Central Bank of Nigeria (CBN) and the International Finance Corporation, members of the World Bank Group, have partnered to enhance private sector development in Nigeria.
The CBN announced this on Thursday after a visit from the International Finance Corporation (IFC) delegation, headed by Managing Director Makhtar Diop, to CBN Governor Olayemi Cardoso.
As of April 2024, Nigeria’s IFC portfolio ranked second-largest in Africa, boasting active investments amounting to $2.1 billion.
Providing an update about the visit via its X handle (formerly Twitter) CBN stated , “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.”
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The regulator added that the CBN and IFC aim to revitalize Nigeria’s banking sector by developing financial products tailored to the country’s needs, thereby stimulating the financial ecosystem.
“This includes advancing initiatives that Nigerian banks can readily adopt,” CBN concluded.
President Bola Tinubu urged international development financiers to view Africa as a land of opportunity, growth and potential for prosperity.
“The IFC and the World Bank need to see Africa differently. I am glad an African is at the helm of affairs at IFC, and as an African, understand that the potential for growth, peace, stability, and prosperity is here.
“The world has to see us as a continent that can help the rest of the world, and not perceive us as backwards, unstable, and with leadership problems. The expectations of the rest of the world on Africa have to change. By looking at Africa as a potential opportunity and not danger to the rest of the free world, we can stimulate growth and propel inclusiveness,” the president told the IFC team during their visit to him on Thursday.
In his remarks, the IFC informed the President that during its working visit to Nigeria, it had engaged in productive discussions with local partners to enhance agriculture, boost food production through irrigation farming, improve transport networks, and strengthen regional integration.
Among the notable outcomes of the visit was a $23.3 million loan agreement signed with Johnvents Industries Limited, a key player in agribusiness, aimed at driving economic development and transforming the cocoa sector.