Central Bank Of Nigeria Teams Up with IFC To Boost Private Sector Expansion

Central Bank Of Nigeria Teams Up with IFC To Boost Private Sector Expansion....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria (CBN) and the International Finance Corporation (IFC), a member of the World Bank Group, have joined forces to enhance private sector growth in Nigeria. This collaboration was announced by the CBN following a meeting between its Governor, Olayemi Cardoso, and IFC’s Managing Director, Mr. Makhtar Diop, at the CBN headquarters in Abuja.

Nigeria currently hosts the second-largest IFC portfolio in Africa, amounting to $2.1 billion as of April 2024. During the meeting, discussions centered on strategies to support Nigeria’s economic development, focusing on bridging infrastructure gaps, fostering productive industries, and promoting inclusive business approaches.

Key initiatives highlighted include expanding access to credit, facilitating receivables trade for SMEs, and enhancing local currency liquidity solutions. These efforts aim to invigorate Nigeria’s banking sector and stimulate the development of tailored financial products that meet local needs.

President Bola Tinubu also urged international financiers to view Africa as a region of growth and opportunity, emphasizing the continent’s potential to contribute positively to global prosperity. During the IFC’s visit, productive discussions were held on enhancing agriculture, expanding food production through irrigation farming, upgrading transportation networks, and promoting regional integration.

As part of their commitment, the IFC finalized a $23.3 million loan agreement with Johnvents Industries Limited, a prominent agribusiness, to bolster economic development and transform Nigeria’s cocoa sector.

This collaboration underscores a concerted effort to leverage financial partnerships for sustainable economic growth and inclusivity in Nigeria.