The International Finance Corporation (IFC) is taking significant steps to unlock private capital for critical sectors in Nigeria, including agriculture, infrastructure, and small businesses. This initiative was announced by Olivier Buyoya, the Division Director for Nigeria and Central Africa, during a press conference in Lagos.
As part of the new five-year Country Partnership Framework with the World Bank Group, the IFC aims to create innovative financing platforms that address the challenges of mobilizing capital that is currently stagnant due to perceived risks. Buyoya emphasized the urgent need for increased agricultural financing, noting that Nigerian banks allocate less than 5% of their lending to this vital sector.
In addition, the IFC is expanding its use of local currency financing to help mitigate the impact of currency volatility faced by African businesses. This shift includes a partnership with Access Bank to facilitate local currency borrowing across multiple African markets, aimed at supporting small and medium-sized enterprises.
The upcoming 2026 Africa Financial Summit (AFIS) in Luanda will further this mission by fostering collaboration among key stakeholders in Africa’s financial services industry. The summit will focus on actionable strategies to strengthen the continent's financial sector and mobilize capital for economic development.
Recently, the IFC also provided a $50 million debt facility to Nigeria’s InfraCredit, enhancing its capacity to support infrastructure projects across various sectors, including renewable energy and healthcare, thereby contributing to sustainable economic growth in Nigeria.