The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have made an agreement to give more local currency loans to private companies in Nigeria.
This partnership plans to offer low-cost loans to important areas like farming, housing, infrastructure, energy, small and medium-sized businesses, and the creative and youth industries. The IFC wants to invest more than $1 billion in Nigerian naira over the next few years.
CBN Governor Yemi Cardoso praised the initiative, stating, “This new partnership will make long-term local currency loans available to Nigerian businesses at good rates, helping the economy grow and become more diverse.”
Makhtar Diop, IFC Managing Director, added, “This teamwork will make it easier for businesses to get low-cost local currency loans, meet different funding needs, and handle currency risks.”
The International Finance Corporation has a $2.13 billion portfolio actively working in Nigeria, focusing on financing in local currency. This collaboration uses advanced financial tools to address the needs of emerging markets.
