Nigeria Partners with IFC and FAB to Accelerate Infrastructure and Investment Growth

The Federal Government has signed a cooperation agreement with the International Finance Corporation, IFC, to fast-track bankable infrastructure projects and mobilise private capital critical to Nigeria’s economic transformation.

The agreement was signed in Abuja on Wednesday, with the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, the Minister of Health, Dr Ali Pate, senior government officials, and top executives of the World Bank Group and IFC in attendance.

Bagudu said the partnership aims to close Nigeria’s infrastructure gap by preparing credible, investment-ready projects across transport, energy, healthcare, water, and digital infrastructure to attract private investors. He described the agreement as a step towards building confidence and clarity for investors in line with President Tinubu’s Renewed Hope Agenda.

IFC Vice President for Africa, Mr Ethiopis Tafara, and Regional Director for Central Africa and Anglophone West Africa, Ms Dahlia Khalifa, said the collaboration will strengthen project identification, structuring, and delivery while creating transformative opportunities for employment, investment, and inclusive development. Khalifa highlighted that IFC has mobilised around 20 billion dollars in Nigeria over the last five years.

In a related development, Finance Minister Wale Edun urged First Abu Dhabi Bank to invest in Nigeria and welcomed its new representative office in Lagos as a vote of confidence in the economy. Discussions focused on expanding access to international capital markets, sustainable financing, infrastructure delivery, private investment, and accelerating the Mission 300 initiative to expand electricity access and industrial growth.

The minister emphasised the importance of Sharia compliant instruments, renewable energy, and global financial partnerships in driving economic development, while the World Bank lauded Nigeria’s reform progress and leadership in continental electricity access initiatives.