The International Finance Corporation (IFC) is set to dispatch an investment mission to Nigeria to explore scalable financing opportunities in livestock production, energy and housing, as Africa’s largest economy seeks to attract more private capital into critical sectors.
IFC Managing Director Makhtar Diop disclosed this during a meeting with Nigerian President Bola Ahmed Tinubu on the sidelines of the 13th Africa CEO Forum in Kigali, Rwanda.
Diop, who led an IFC delegation that included Regional Vice President for Africa, Ethiopis Tafara, and Director for Central Africa and Nigeria, Dahlia Khalifa, said the corporation is keen to deepen collaboration with Nigeria in sectors considered critical for economic transformation and job creation.
He commended Tinubu’s economic reforms, particularly the removal of Nigeria’s long-standing fuel subsidy and the unification of the country’s foreign exchange market, describing the measures as bold signals to global investors.
“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.
The IFC chief noted that the reforms have improved investor confidence and created opportunities for long-term infrastructure and productive-sector financing in Nigeria.
During the discussions, Tinubu reiterated Nigeria’s commitment to mobilising private and institutional capital to support infrastructure development, energy transition and broader economic growth.
The Nigerian president stressed the need for African pension funds and institutional investors to evolve into strategic development finance vehicles capable of financing large-scale projects across the continent.
Tinubu also emphasised the importance of decentralised energy systems and expanded transmission infrastructure to accelerate industrialisation and improve electricity access across Africa.
“If you want Africa to leapfrog, then energy transmission and decentralisation are important. The funding gap is there, and we must work together,” Tinubu said.
The meeting further explored local currency financing structures, regional banking partnerships and swap arrangements aimed at boosting interstate trade and reducing financing constraints across Africa.
Diop said partnerships involving African financial institutions, including Access Bank, could strengthen regional financial integration and support cross-border business expansion.
The IFC also called for stronger African institutions and greater regional cooperation to drive what Diop described as an “African Renaissance” anchored on sustainable investment, infrastructure development and economic integration.