The Managing Director of International Finance Corporation, Diop Makhtar has announced that the corporation would send a mission to Nigeria to explore scalable investment structures that could unlock private capital into the sector.
The Special Adviser to the President on Information & Strategy, Bayo Onanuga, in a statement issued Thursday said Makhtar made this known in Kigali, Rwanda, during a meeting with President Bola Tinubu on the sidelines of the 13th Africa CEO Summit.
Makhtar led an IFC delegation that included Ethiopis Tafara, Regional Vice President, Africa, and Dahlia Khalifa, Director, Central Africa and Nigeria, IFC.
Makhtar noted that IFC was interested in discussing modalities for collaboration with Nigeria in energy, housing, and livestock production.
He lauded President Tinubu for the bold reforms initiated by his administration, especially the removal of the fuel subsidy and the harmonisation of the nation’s exchange rate.
Makhtar described Nigeria’s reform process as courageous and transformative, sending a strong signal to international investors about the country’s commitment to difficult but necessary reforms.
“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,“ the Managing Director said.
Makhtar said local currency facilities and banking partnerships, including structures involving Nigerian financial institutions such as Access Bank, could strengthen efforts towards interstate financial integration, ease trade, and enhance business across the continent.
He said African leaders faced common development challenges and must collectively drive what he described as “African Renaissance” built around strong African institutions and regional economic champions.
At the meeting, Tinubu reaffirmed Nigeria’s openness to harnessing private capital for institutional development.
He stated that it has become imperative for African pension funds to evolve into strategic development finance instruments capable of supporting major infrastructure and productive-sector investments.