Finance Corporation to Increase Investment in Nigeria

The International Finance Corporation (IFC), the World Bank’s private-lending arm, plans to increase its investment in Nigeria to $2 billion in 2014, according to the Country Manager, Mr. Solomon Adegbie-Quaynor. This represents 25 per cent increase.

According to a Bloomberg report, funds to be raised directly by the IFC or mobilised from other sources will be targeted at industries that offer competitive advantage to the West African nation, Mr. Adegbie-Quaynor said in an August 2 interview from Lagos, Nigeria’s commercial capital.

Finance Minister Ngozi Okonjo-Iweala said in May that Africa’s most populous nation of more than 160 million people needs $10 billion of infrastructure investment a year to keep up with rising population and expanding economy.

“We are partnering with the Nigerian Sovereign Investment Authority and also looking at institutions to work with for activities in banks, power, gas, transport and agriculture,” he said. “Power will be an important industry for IFC investment as it is identified as largest constraint to private-sector growth” in Nigeria, he added.