The Federal Government has entered into a landmark cooperation agreement with the International Finance Corporation (IFC) to accelerate the delivery of viable infrastructure projects and attract private capital vital to Nigeria’s economic transformation.
The agreement, signed on Wednesday in Abuja, brought together key government officials including the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; and Minister of Health and Coordinating Minister of Social Welfare, Dr Ali Pate, alongside top executives of the World Bank Group and IFC.
In a statement, Senator Bagudu described the partnership as a crucial step toward bridging Nigeria’s infrastructure deficit by developing credible, investment-ready projects that will inspire investor confidence.
“Nigeria is a country brimming with opportunities. With over 230 million people, our needs in rail, energy, water, healthcare, and digital infrastructure are vast. This agreement ensures that our projects are well-prepared so investors can confidently allocate capital,” Bagudu said.
IFC’s Vice President for Africa, Mr Ethiopis Tafara, hailed the agreement as the culmination of a year-long collaboration rooted in a shared vision for Nigeria’s future. He emphasized that the deal would enhance project identification, structuring, and execution across key sectors.
“This is not just about signing a document. It’s about laying the foundation for transformative projects aligned with President Tinubu’s Renewed Hope Agenda—initiatives that create jobs, attract investment, and improve lives,” Tafara stated.
He noted that Nigeria’s infrastructure gap cannot be bridged through public funding alone, highlighting the importance of strong public-private partnerships.
Reinforcing this view, IFC’s Regional Director for Central Africa and Anglophone West Africa, Ms Dahlia Khalifa, described the agreement as a major milestone in Nigeria’s development journey.
She noted that Nigeria’s ongoing reforms and youthful population provide immense growth potential that can only be unlocked through sustainable infrastructure and effective partnerships.
“This agreement sets the stage for partnerships that foster shared prosperity for all Nigerians,” Khalifa said, reaffirming IFC’s long-term commitment to the country.
She revealed that IFC has mobilised about $20 billion in investments across critical sectors over the past five years, while its staff presence in Nigeria has quadrupled within two years—reflecting a deepened engagement.
“This collaboration turns ambition into achievement. Together, we’ll build projects that connect markets, power industries, and unlock Nigeria’s full potential,” she concluded.
