CBN, IFC Seal Landmark Deal to Boost Local Currency Financing for Nigerian Businesses
By Matthew Eloyi
The International Finance Corporation (IFC), a World Bank Group member, has partnered with the Central Bank of Nigeria (CBN) in a major agreement to expand local currency financing aimed at empowering private businesses across Nigeria.
The CBN’s Acting Director of Corporate Communications, Sidi-Ali, confirmed that the collaboration targets key sectors, including agriculture, housing, infrastructure, energy, small and medium enterprises (SMEs), and the creative and youth economy.
“Many of these sectors require local currency financing, and IFC’s partnership with the CBN is a key tool in expanding access,” she stated, highlighting the partnership’s potential to manage currency risks and boost investments in the Nigerian Naira.
CBN Governor Yemi Cardoso praised the initiative, calling it a step forward in providing affordable, long-term local currency financing to private businesses.
“This collaboration marks significant progress in the CBN’s commitment to delivering innovative development initiatives… It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification,” he said.
Makhtar Diop, IFC Managing Director, echoed the commitment, underscoring the importance of affordable financing for SMEs to drive growth and job creation across Nigeria.
“Our partnership with the CBN will enhance lending in Nigerian Naira, fostering economic growth and creating jobs across the country,” he affirmed, adding that IFC’s current $2.13 billion portfolio in Nigeria reflects a strong focus on local currency financing.
