Abuja: The International Finance Corporation (IFC) has announced an immediate investment mission to Nigeria, aiming to mobilize private capital for the country’s strategic sectors.
Managing Director Diop Makhtar disclosed the plan during talks with President Bola Tinubu at the Africa CEO Forum.
The high-level engagement took place in Kigali, Rwanda, where economic cooperation and continental investment priorities dominated discussions.
Presidential spokesperson Bayo Onanuga confirmed this in a statement after the meeting.
Makhtar led an IFC delegation comprising regional executives focused on expanding partnerships across Africa.
The delegation included Ethiopis Tafara and Dahlia Khalifa, both senior officials overseeing operations.
Makhtar said the corporation seeks to collaborate on energy, housing, agriculture, and livestock development.
He praised Tinubu for reforms, especially the removal of the fuel subsidy and the harmonisation of the foreign exchange market.
He said, “President Tinubu showed courage by confronting difficult choices and sending investors a powerful message.”
According to him, Nigeria’s reforms showed political will and increased international confidence.
Tinubu reaffirmed Nigeria’s readiness to attract private capital for long-term institutional transformation.
He said African pension funds should support infrastructure and productive sectors as development instruments.
Tinubu said, “Africa must mobilise its own capital to achieve its development goals.”
He stressed infrastructure financing is central to growth across the continent.
The President highlighted decentralised energy and stronger electricity networks.
He said, “For Africa to progress, power transmission and decentralisation are essential.”
Discussions also examined institutional investors, local currency financing, and cross-border swap arrangements.
Makhtar noted that banking partnerships with Access Bank could boost regional financial integration and trade.
He called for an African Renaissance led by strong institutions and local economic champions.