The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have joined forces to inject over $1 billion in naira-based financing into Nigeria’s private sector.
This funding, aimed at essential sectors like agriculture, infrastructure, energy, and the creative industries, seeks to support economic growth by providing stable, locally sourced funding options.
CBN Governor Yemi Cardoso highlighted the initiative as a shift from traditional funding methods, now involving third-party partners to deliver long-term local financing.
He emphasized that this program represents a commitment to economically viable lending rates, showing CBN’s support for innovative funding that aligns with Nigeria’s goals for economic diversification.
Makhtar Diop, IFC’s Managing Director, shared that this initiative will expand affordable local financing options, especially for small businesses. This partnership not only strengthens IFC’s ability to meet diverse funding needs but also helps manage currency risks more effectively in Nigeria.
By increasing access to naira-denominated loans, IFC and CBN aim to stimulate job creation and drive economic resilience across Nigeria.
This collaboration is expected to create broader economic opportunities, strengthening Nigeria’s private sector while advancing the federal government’s diversification goals.