Lagos, Nigeria, September 5, 2006
—The International Finance Corporation, the private sector arm of the World Bank Group, said today that it aims to increase investment in Nigeria’s manufacturing sector with domestic and international companies seeking to improve their competitiveness. Together with the Manufacturing Association of Nigeria, IFC cosponsored a seminar to explore investment opportunities with about 100 MAN member companies.
“IFC intends to improve both the quality and scale of its investment in Nigeria’s manufacturing sector. Increased investment creates jobs, improves competitiveness, and demonstrates that the private sector can promote high standards, profitability, and better lives for Nigerians,” said Solomon Adegbie-Quaynor, IFC’s recently appointed Country Manager.
IFC brings unique global expertise to projects by offering advisory services, investment products, and technical assistance. IFC aims to help Nigerian companies grow faster by bringing to bear its growing local presence and knowledge, financial products, and strong industry expertise to enhance the business strategy of its clients. It helps companies improve efficiency by promoting state-of-the-art environmental technologies. IFC supports companies as they strive for international standards in areas such as supply chain management and links with smaller, local businesses. In the near future, IFC expects to offer local currency financing to Nigerian businesses to help meet a wider range of needs.
IFC is a leader in investment in emerging markets, with a global manufacturing and services portfolio of $12 billion.
Mr. Jide Mike, Director General of MAN said “we are delighted to be working with IFC to develop the huge potential that exists in the manufacturing sector. Our member companies have the enthusiasm and skills, but need the long-term, secure funding that IFC can provide”.
IFC’s strategy and activities in Nigeria are coordinated with other World Bank Group institutions to offer the strongest development impact and bring the most value to clients. IFC is leader in Nigeria in promoting more efficient regulation that improves business prospects. IFC works proactively with Nigerian and international project sponsors to encourage projects in sectors critical to economic development—extractive industries, financial markets, infrastructure, especially power and transport, and manufacturing. IFC increasingly offers investment-linked technical assistance to support project development and sustainability initiatives. To expand its impact, IFC is diversifying its financial markets offering beyond credit lines to include products and services that support insurance as well as housing, trade, small business and microenterprise finance. Since 2000, IFC has committed about $800 million in Nigeria. It held an investment portfolio of $540 million at the end its 2006 fiscal year.
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
MAN is an industrial association serving and representing over 2,000 companies manufacturing/assembling companies in the private sectors of the national economy. Through its representative membership, MAN acts as a central point of reference for government and others who seek the views and reactions of manufacturers on matters of socio-economic importance.
MAN also advises consults and where necessary deliberates mutually on issues with government and other bodies on matters that affect its members. MAN is the acknowledged private sector leader in Nigeria, particularly on matters of the national economy.