By our Reporter
The International Finance Corporation (IFC) has announced plans to deploy a mission to Nigeria to explore scalable investment opportunities in livestock production, energy, and housing as part of efforts to unlock private sector capital into critical sectors of the economy.
The Managing Director of the IFC, Makhtar Diop, disclosed this on Thursday during a meeting with President Bola Ahmed Tinubu on the sidelines of the 13th Africa CEO Summit in Kigali, Rwanda.
Diop, who led an IFC delegation that included Regional Vice President for Africa, Ethiopis Tafara, and Director for Central Africa and Nigeria, Dahlia Khalifa, said the corporation was interested in deepening collaboration with Nigeria in strategic sectors capable of driving economic growth and development.
He commended President Tinubu for implementing what he described as bold and courageous economic reforms, particularly the removal of fuel subsidy and the harmonisation of Nigeria’s exchange rate system.
According to him, the reforms have sent a positive signal to the international investment community about Nigeria’s commitment to long-term economic restructuring.
“President Tinubu, you have been so courageous in removing the subsidy. When you did it, I said to myself, President Tinubu took the bull by the horns,” Diop stated.
President Tinubu, in his remarks, reaffirmed Nigeria’s commitment to attracting private capital to support institutional and infrastructural development across the country.
The President stressed the need for African pension funds to evolve into strategic development finance instruments capable of supporting major infrastructure and productive-sector investments on the continent.
He also urged African governments and the private sector to prioritise the mobilisation of institutional capital within Africa to finance infrastructure, energy transition, and long-term economic transformation.
According to Tinubu, decentralising energy systems and strengthening transmission infrastructure remain critical to Africa’s industrialisation agenda and attracting private sector investment.
“If you want Africa to leapfrog, then energy transmission and decentralisation are important. The funding gap is there, and we must work together,” the President said.
The meeting also focused on mechanisms for strengthening infrastructure financing through institutional investors, local currency financing structures, and swap arrangements.
Diop noted that local currency facilities and banking partnerships involving institutions such as Access Bank could help deepen interstate financial integration, promote trade, and improve business activities across Africa.
He added that African leaders must collectively pursue what he described as an “African Renaissance” driven by strong institutions and regional economic champions.
The Africa CEO Summit brings together political leaders, business executives, investors, and development partners to discuss strategies for accelerating economic growth and investment across the continent.
