CBN, IFC Collaborate to Boost Private Sector Growth

The Central Bank of Nigeria (CBN) and the International Finance Corporation (IFC), both members of the World Bank Group, have joined forces to enhance the growth of the private sector in Nigeria.

This was revealed by the CBN on Thursday after the IFC delegation, led by its Managing Director, Mr. Makhtar Diop, visited the CBN Governor, Mr. Olayemi Cardoso.

Nigeria has the second-largest IFC portfolio in Africa, with an active investment portfolio of $2.1bn as of April 2024.

In an update shared on its X handle (formerly Twitter), the CBN stated, "The CBN and IFC leadership had a significant meeting to discuss strategies for supporting Nigeria as part of the IFC's mission to bridge the infrastructure gap, develop productive industries, and promote inclusive business approaches.

"One of the main topics of discussion was identifying areas to support private sector growth in Nigeria, including expanding access to credit, facilitating trade of receivables for SMEs, and promoting local currency liquidity solutions between the CBN and the IFC."

The regulator also mentioned that both the CBN and IFC are committed to revitalizing Nigeria's banking industry by promoting the development of financial products that meet the country's needs and stimulate the financial ecosystem.

President Bola Tinubu had urged international development financiers to view Africa as a place of growth and opportunity. 

He emphasized the need for organizations like the IFC and the World Bank to change their perception of Africa and recognize its potential for growth, peace, stability, and prosperity. 
President Tinubu also stressed the importance of the world seeing Africa as a continent that could contribute positively to global development, rather than being viewed as backward or unstable. 

During the visit by the IFC team, they discussed various initiatives to enhance agriculture, increase food production, improve transport networks, and promote regional integration in Nigeria. 

Additionally, a $23.3 million loan agreement was made with Johnvents Industries Limited to support the development of the cocoa sector as part of efforts to drive economic development and agricultural transformation.
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