Lagos, Nigeria, October 12, 2011
- IFC, a member of the World Bank Group, said today that it aims to seize on new opportunities for investment in the agribusiness, financial, and infrastructure sectors to support development in Nigeria. During a three-day visit, Thierry Tanoh, IFC VP for Latin America & the Caribbean, Sub-Saharan Africa, and Western Europe, said IFC aims to play a bigger role and will quickly pursue new opportunities under the new policy environment that is clearly encouraging private sector investment.
During the visit, Tanoh met with the Coordinating Minister of the Economy and Minister of Finance Ngozi Okonjo-Iweala; and Central Bank Governor Sanusi Lamido Sanusi. He discussed policy initiatives that could encourage increased private investment in the power sector at meetings with Minster of Power Bart Nnaji; Director General of the Bureau of Public Enterprises Bolanle Onagoruwa; Chairman of National Electricity Regulatory Commission Sam Amadi; and Nigerian Bulk Electricity Trading Company CEO Rumundaka Wonodi. He met with key business leaders and clients to discuss how IFC could do more to help the private sector contribute to growth, development and job creation in Nigeria.
Tanoh said, “There is enormous momentum for rapid development in Nigeria today that builds on a greater appreciation among policymakers for the role that private investment must play. IFC aims to demonstrate the opportunities available by quickly pursuing targeted investments that help remove roadblocks to growth and encourage opportunities for more people. I commit IFC to build on policies aimed at supporting independent power projects to demonstrate their commercial viability and attract capital from other sources.”
IFC is targeting housing and mortgage finance. In the agribusiness sector, IFC is seeking to help financial institutions lend more to the sector and support large agribusinesses and commodity traders to improve quality in their supply chains by supporting local farmers and related infrastructure. In the infrastructure sector, IFC is reviewing power and transport opportunities, including potential Public-Private Partnerships, to help address urgent needs that support overall economic growth, development and job creation.
Tanoh noted that IFC is well-positioned to contribute more in Nigeria, as it is coming off a record year for new investments and with a strong portfolio of advisory programs. IFC provided new investment commitments of $926 million in Nigeria in the fiscal year ended June 30, 2011, up from $690 million the previous year. IFC has been a leader in supporting Nigeria’s financial sector through trade finance, and partnerships with commercial banks and specialized financial institutions. IFC has also financed telecom infrastructure, business infrastructure, tourism, and health-related and services projects. Its advisory programs offered support in sectors such as rural telephony and mobile banking, health advisory, financial sector infrastructure, corporate governance, and SME management solutions.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit