The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have joined forces to unlock over $1 billion in local currency financing for key sectors of the Nigerian economy.
This partnership aims to improve access to long-term, affordable local currency funding for private businesses, mitigating currency risks and fostering economic growth.
The funds will be directed towards sectors such as agriculture, infrastructure, housing, energy, small and medium enterprises, and the creative and youth economy.
CBN Governor, Yemi Cardoso, described the partnership as a “pioneering initiative” that aligns with the government’s goal of diversifying the economy and catalyzing sustainable growth.
Makhtar Diop, IFC Managing Director, emphasized the importance of expanding access to local currency financing, particularly for small businesses. He noted that this partnership will enable IFC to better manage currency risk and increase its investment in Nigeria.
With this initiative, Nigeria is poised to benefit from increased investment, job creation, and economic development.
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