IFC to Invest $1 Billion in Nigeria for Local Currency Financing

In a significant move to enhance local currency financing in Nigeria, the Central Bank of Nigeria (CBN) and the International Finance Corporation (IFC) have joined forces to inject $1 billion into the economy.

 Announced in Washington, this initiative aims to bolster funding for vital sectors such as agriculture, housing, and small businesses. CBN Governor Yemi Cardoso has hailed this partnership as a monumental step for economic growth and diversification. Meanwhile, IFC Managing Director Makhtar Diop emphasized the importance of supporting small businesses and effectively managing currency risk. This investment is poised to catalyze substantial economic development and provide much-needed support to critical areas of Nigeria's economy.