The International Finance Corporation (IFC) has disclosed plans to send an investment mission to Nigeria to explore scalable financing structures capable of unlocking private-sector capital into critical sectors of the economy.
Managing Director of the IFC, Makhtar Diop, made this known during a meeting with President Bola Tinubu on the sidelines of the 13th Africa CEO Summit in Kigali, Rwanda.
Diop, who led an IFC delegation comprising Regional Vice President for Africa, Ethiopis Tafara, and Director for Central Africa and Nigeria, Dahlia Khalifa, said the Corporation was seeking deeper collaboration with Nigeria in key sectors including energy, housing and livestock production.
He commended President Tinubu for initiating what he described as bold and transformative economic reforms, particularly the removal of fuel subsidy and the unification of Nigeria’s exchange rates.
According to Diop, the reforms have strengthened investor confidence and signalled Nigeria’s readiness to implement difficult but necessary economic decisions.
“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 boss further noted that the proposed investment mission would focus on identifying practical financing models capable of attracting private capital into Nigeria’s development priorities.
During the meeting, President Tinubu reaffirmed Nigeria’s commitment to leveraging private-sector investment and institutional capital to drive infrastructure development and economic transformation.
The President stressed the need for African pension funds to evolve beyond traditional investment vehicles into strategic development finance instruments capable of funding major infrastructure and productive-sector projects across the continent.
According to him, African governments and private-sector operators must prioritise the mobilisation of African institutional capital to finance infrastructure, energy transition and long-term economic growth.
Tinubu said strengthening development financing mechanisms remained critical to addressing Africa’s socio-economic challenges and accelerating industrialisation across the continent.
He also emphasised the importance of decentralising energy systems and expanding transmission infrastructure to attract greater private-sector participation in Africa’s power sector.
“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 stated.
The meeting also explored mechanisms for expanding infrastructure financing through institutional investors, local currency funding structures and swap arrangements.
Diop explained that local currency financing facilities and banking partnerships involving African financial institutions, including Nigeria’s Access Bank, could improve regional financial integration, facilitate trade and strengthen cross-border business operations.
He added that African leaders must work collectively to tackle shared development challenges and build what he described as an “African Renaissance” driven by strong institutions and regional economic champions.
