IFC to Send Investment Mission to Nigeria as Tinubu Seeks Private Capital for Growth
The International Finance Corporation (IFC) has announced plans to immediately dispatch an investment mission to Nigeria to explore scalable investment structures capable of unlocking private capital into critical sectors of the economy.
IFC Managing Director, Makhtar Diop, disclosed this on Thursday in Kigali during a meeting with President Bola Ahmed Tinubu on the sidelines of the 13th Africa CEO Summit.
The IFC delegation included Regional Vice President for Africa, Ethiopis Tafara, and Director for Central Africa and Nigeria, Dahlia Khalifa.
Diop said the corporation was keen to deepen discussions with Nigeria on possible collaboration in the energy, housing, and livestock production sectors.
He commended President Tinubu for the bold economic reforms introduced by his administration, particularly the removal of fuel subsidy and the harmonisation of Nigeria’s foreign exchange rates.
According to him, the reforms have sent a strong signal to global investors about Nigeria’s commitment to implementing difficult but necessary economic changes.
“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 said.
In his remarks, President Tinubu reaffirmed Nigeria’s readiness to harness private capital for national development, stressing the need for African pension funds to evolve into strategic development finance instruments that can support major infrastructure and productive-sector investments.
He urged African leaders and the private sector to prioritise mobilising institutional capital within the continent to finance infrastructure, energy transition, and long-term economic transformation.
President Tinubu said such efforts were essential to accelerating development and addressing Africa’s socio-economic challenges.
He also emphasised the need to decentralise energy systems and strengthen transmission infrastructure across Africa to attract more private-sector investment and improve regional interconnectivity.
“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 examined financing mechanisms involving institutional investors, local currency structures, and swap arrangements to strengthen infrastructure funding.
Diop noted that local currency financing facilities and strategic banking partnerships, including collaboration with Access Bank, could support interstate financial integration, ease cross-border trade, and stimulate business growth across Africa.
He added that African leaders must work collectively to address shared development challenges and drive what he described as an “African Renaissance” anchored on strong institutions and regional economic champions.
The meeting formed part of President Tinubu’s engagements at the Africa CEO Summit aimed at strengthening Nigeria’s investment profile and advancing economic partnerships across the continent.
IFC to Send Investment Mission to Nigeria as Tinubu Seeks Private Capital for Growth