The initiative will facilitate long-term, affordable naira-based financing, which is essential for reducing currency risk and enabling private businesses to grow. “This collaboration with the CBN will allow IFC to address currency risks and scale its investment in Nigeria’s economy, especially in sectors that rely on local currency support,” stated the IFC. “Our goal is to deliver more than $1 billion in financing over the coming years.”
CBN Governor Yemi Cardoso described the agreement as a “pioneering initiative” aligned with Nigeria’s goals to diversify its economy and promote sustainable growth. He highlighted the partnership as a strategic shift toward innovative financing through collaboration with global institutions.
Makhtar Diop reaffirmed IFC’s commitment to Nigeria’s economic development, emphasizing that affordable local currency financing for small businesses is essential to meet growing funding demands and manage currency exposure. “Our partnership with the CBN will drive lending in naira, fostering economic growth and job creation nationwide,” he added.
With a $2.13 billion portfolio, Nigeria ranks as IFC’s second-largest investment destination in Africa. This agreement is set to further cement that position while addressing Nigeria’s demand for sustainable, local currency-driven economic growth.
