The Federal Government of Nigeria has signed a strategic cooperation agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to accelerate the delivery of bankable infrastructure projects and mobilize substantial private capital.
The agreement, signed in Abuja by key ministers including Senator Abubakar Bagudu of Budget and Planning and Mr. Wale Edun of Finance, aims to bridge Nigeria’s vast infrastructure gap by preparing credible, investment-ready projects across critical sectors like energy, rail, and healthcare.
Okay News reports that Minister Bagudu emphasized Nigeria’s immense opportunities and extensive needs due to its population of over 230 million, stating the partnership ensures projects are adequately prepared to give investors confidence and clarity on where to allocate capital. The deal supports President Bola Tinubu’s reform agenda focused on macroeconomic stability and private sector-led growth, aiming to transform project identification, structuring, and delivery to attract essential private investment.
IFC Vice President for Africa, Mr. Ethiopis Tafara, described the agreement as the result of a year-long collaboration built on a shared vision for Nigeria’s future. IFC Regional Director Ms. Dahlia Khalifa highlighted that Nigeria’s ongoing reforms and youthful population offer strong growth prospects, which can only be unlocked through robust infrastructure and effective public-private partnerships, framing the deal as a critical step towards shared prosperity.
This partnership marks a significant milestone in leveraging international expertise to de-risk major projects and channel global private capital into Nigeria’s development. By creating a structured framework for collaboration, the government aims to move beyond public funding constraints and fast-track the infrastructure development necessary for sustainable economic transformation and improved living standards across the nation.
, the private sector arm of the World Bank Group, to accelerate the delivery of bankable infrastructure projects and mobilize substantial private capital.){kind=link}