The Central Bank of Nigeria (CBN) has signed an agreement with the International Finance Corporation (IFC) to enhance local currency financing for Nigerian businesses. This significant development emerged as a key outcome of the recently concluded IMF & World Bank Annual Meetings.
According to a statement released on CBN’s official X (formerly Twitter) handle on Monday, the collaboration aims to expand IFC’s naira-denominated investments across several priority sectors of the Nigerian economy. These sectors include agriculture, housing, infrastructure, energy, small and medium enterprises (SMEs), as well as the creative and youth economy.
The agreement will see the IFC channeling over $1 billion in financing over the coming years to stimulate economic growth, create jobs, and promote diversification across Nigeria. This move is expected to significantly support the local economy by providing much-needed capital to businesses and projects that drive development.
Speaking on the partnership, CBN Governor Olayemi Cardoso highlighted that the initiative underscores the CBN’s commitment to fostering economic development through strategic collaborations. “This partnership is part of the CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs,” said Cardoso.
By boosting local currency financing, the CBN and IFC are poised to provide sustainable financial solutions that mitigate currency risks for businesses, encourage investment, and support long-term economic resilience.
