July 14, 2024
We’ve Invested $2bn In Nigeria Says IFC
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We’ve Invested $2bn In Nigeria Says IFC

The International Finance Corporation (IFC) says its $2 billion investment portfolio in Nigeria is the second largest in Africa.

Delivering his keynote address at the BOI-IFC Conference on Empowering Futures in Lagos, IFC’s Regional Vice President for Africa, Sergio Pimenta, says the investments are concentrated across trade finance, manufacturing, financial markets, and infrastructure.

Mr. Pimenta also said IFC’s strategic objectives in Nigeria are intended to support diversified growth, enhancing inclusion, and promoting sustainability and job creation.

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He added that the Nigerian financial sector has a key role to play in supporting trade, financial inclusion and access to finance for MSMEs.

Commenting on the nation’s infrastructure gap, he said Nigeria’s rapidly growing population, which is projected to nearly double to 400 million by 2050, coupled with urbanisation underscores the urgent need for infrastructure development.

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