The Federal Government has signed a cooperation agreement with the International Finance Corporation to accelerate infrastructure development and attract private capital into key sectors of the economy. The agreement, signed in Abuja through the Ministry of Budget and Economic Planning, focuses on closing Nigeria’s infrastructure gap by improving how major projects are prepared and presented to investors.
Speaking at the signing, Budget and Economic Planning Minister Abubakar Bagudu said public resources alone are insufficient to meet Nigeria’s growing needs in transport, energy, water, healthcare, and digital services. He explained that the partnership aims to ensure projects are well structured and investment ready, giving private investors confidence. Bagudu noted that Nigeria’s digital sector growth shows the country’s capacity to absorb large scale private investment.
IFC Vice President for Africa Ethiopis Tafara said the agreement lays the foundation for projects that create jobs and improve living standards. IFC will also provide financing and risk mitigation tools, while Regional Director Dahlia Khalifa highlighted IFC’s long standing commitment to Nigeria, including $20 billion mobilised in investments over the past five years.
