IFC dispatches team to explore Nigeria for livestock, energy investment

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The International Finance Corporation has said it will immediately send a team to Nigeria to explore scalable investment opportunities in livestock, energy and housing sectors.

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This was contained in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday.

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The IFC Managing Director, Diop Makhtar, disclosed this on Thursday in Kigali, Rwanda, during a meeting with President Bola Tinubu on the sidelines of the 13th Africa CEO Summit.

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Makhtar led an IFC delegation that included senior officials of the organisation, according to a statement issued by the Presidency.

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He said the corporation was interested in expanding collaboration with Nigeria in key sectors to unlock private capital for development.

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Makhtar commended Tinubu for ongoing economic reforms, particularly the removal of fuel subsidy and the unification of the foreign exchange market.

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“President Tinubu, you have been so courageous in removing the subsidy. When you did it, I said to myself, President Tinubu took the bull by the horns,“ the Managing Director said.

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In his remarks, Tinubu said Africa must strengthen efforts to mobilise institutional capital, including pension funds, to finance infrastructure, energy transition and long-term economic transformation.

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He stressed the need for African countries to deepen regional financial integration and develop infrastructure to attract private sector investment.

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“If you want Africa to leapfrog, then energy transmission and decentralisation are important. The funding gap is there, and we must work together,” Tinubu said.

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According to the statement, discussions also focused on mechanisms for leveraging institutional investors, local currency financing structures and swap arrangements to boost infrastructure funding.

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The IFC said partnerships with Nigerian financial institutions, including Access Bank, could strengthen regional integration and ease cross-border trade.

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The meeting also explored broader strategies for addressing Africa’s development challenges through stronger regional cooperation and private capital mobilisation.

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