IFC to Send Investment Team to Nigeria

The International Finance Corporation (IFC) will immediately send a mission to Nigeria to explore scalable investment opportunities across key sectors, following high-level talks with President Bola Ahmed Tinubu in Kigali, Rwanda.

IFC Managing Director Makhtar Diop disclosed this on Thursday during a meeting held on the sidelines of the 13th Africa CEO Forum, signalling renewed investor confidence in Nigeria’s reform agenda.

Diop, who led an IFC delegation that included senior executives, said the mission would focus on unlocking private capital for investments in livestock production, energy, and housing critical sectors for Nigeria’s economic growth.

He commended President Tinubu for what he described as bold and transformative reforms, particularly the removal of fuel subsidy and the unification of the foreign exchange system. According to him, these steps have sent a strong signal to global investors about Nigeria’s willingness to undertake difficult but necessary economic changes.

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“You have been very courageous,” Diop told the President, noting that the reforms position Nigeria as a more attractive destination for long-term investment.

President Tinubu, in his response, reaffirmed Nigeria’s commitment to leveraging private capital for national development. He stressed the need for African countries to mobilise domestic institutional funds, particularly pension assets, as strategic tools for financing infrastructure and productive sectors.

The President said Africa must increasingly rely on its own financial resources to drive development, calling for stronger collaboration between governments and the private sector to bridge funding gaps.

He also highlighted the importance of decentralising energy systems and strengthening transmission infrastructure to attract investments and accelerate industrialisation across the continent.

“If Africa is to leapfrog development, energy decentralisation and transmission are critical. The funding gap is significant, and we must work together to close it,” Tinubu said.

Discussions at the meeting also explored innovative financing mechanisms, including the use of local currency instruments, swap arrangements, and partnerships with African financial institutions to deepen infrastructure funding and promote regional economic integration.

Diop noted that such structures, including collaborations with Nigerian banks, could enhance cross-border trade and unlock new business opportunities across Africa.

He added that African nations must collectively address shared development challenges through stronger institutions and regional cooperation, describing the approach as key to driving an “African Renaissance.”

The planned IFC mission is expected to further define investment frameworks and partnerships that could channel significant private sector funding into Nigeria’s priority sectors.