IFC (The International Finance Corporation) and the Central Bank of Nigeria (CBN) have teamed up to enhance local currency financing for Nigerian businesses, investing over $1 billion in agriculture and infrastructure.

This initiative aims to provide long-term funding and support small business growth in Nigeria.

Washington, DC – The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement with the Central Bank of Nigeria (CBN) to enhance local currency financing for private businesses in Nigeria.

Consequently, this partnership aims to provide crucial support for entrepreneurs across various sectors, including agriculture, housing, infrastructure, energy, and the creative economy.

Through this collaboration, the IFC will manage currency risks while significantly increasing investments in Nigerian naira.

In fact, the organisation has set a goal to invest over $1 billion in Nigeria in the coming years, particularly targeting sectors that require local currency financing.

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Governor Yemi Cardoso of the CBN highlighted the importance of this initiative, stating, “This partnership will provide essential long-term local currency financing for private businesses in Nigeria at economically viable rates.

Moreover, it marks a significant step forward in our commitment to innovative development initiatives, stimulating economic growth and supporting the Federal Government’s agenda for economic diversification.”

Makhtar Diop, IFC’s Managing Director, emphasised the need for affordable local currency financing, stating that this collaboration will enhance lending in Nigerian naira, thereby fostering economic growth and job creation.

With an investment portfolio of $2.13 billion in Nigeria—second highest in Africa—the IFC prioritises local currency financing and plans to continue innovating financial instruments to meet the growing demands of emerging markets.