The International Finance Corporation, IFC, has signed an agreement with the Central Bank of Nigeria, CBN, to increase local currency financing to enable private businesses in Nigeria to grow and thrive.
In a statement on Monday, the CBN said the collaboration would enable the IFC to manage currency risks and increase its investment in Nigerian naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy, small and medium enterprises and the creative and youth economy. CBN governor, Yemi Cardoso, said IFC aims to significantly scale up its financing of critical sectors in Nigeria, to provide more than $1bn in the coming years.
This collaboration marks significant progress in the CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs. It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification,” he said.
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