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Lagos, Nigeria, July 24, 2013
– IFC, a member of the World Bank Group, said today it will partner with the Nigeria Sovereign Investment Authority (NSIA) to develop, finance, and implement infrastructure projects that will contribute to economic growth, jobs creation and social development in Nigeria.
The partnership will help mobilize public and private resources that will open the Nigerian market for infrastructure investments in sectors such as power, gas, transport, housing, and healthcare. In addition, the partnership will include co- project development on some projects, as well as IFC supporting the NSIA through advice, given IFC’s global expertise and experience on infrastructure development.
Uche Orji, Managing Director of NSIA, said, “Our agreement with IFC reflects NSIA’s commitment to enhance partnerships with the private sector that deliver on our shared aspiration of developing infrastructure projects more effectively in Nigeria. Through this collaboration with IFC, NSIA is better positioned to fulfill its mandate of developing infrastructure projects while attracting global investors.”
Solomon Adegbie-Quaynor, IFC Country Manager for Nigeria, said, “Infrastructure is a priority focus area for IFC. IFC aims to help increase access to basic infrastructure services in Nigeria by structuring commercially viable projects, facilitating private investments, and building partnerships that enhance infrastructure financing. We believe that our partnership with NSIA will bring development to the broader infrastructure sector and foster sustainable economic growth for Nigeria.”
Nigeria, already Africa’s most populous economy, has a young and growing population and vast infrastructure needs, including in the power, transport, housing and healthcare sectors.
NSIA
was established by the Federal Republic of Nigeria to promote fiscal stability, build a savings base for future generations of Nigerians and enhance the development of Nigeria’s infrastructure. The NSIA’s investments are made through three distinct funds: The Stabilization Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.
A
bout IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. In FY12, IFC invested a record $20.4 billion in 103 developing countries, including nearly $5 billion mobilized from other investors, and our Advisory Services program expenditures grew to $197 million. For more information, visit
www.ifc.org
.
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