CBN signs $1bn agreement with IFC, to boost local financing for businesses

The Central Bank of Nigeria (CBN) has signed an agreement with the International Finance Corporation (IFC) to boost local currency financing for Nigerian businesses.

As part of the agreement, over $1 billion is set to be channelled in financing across the coming years to drive economic growth, job creation, and diversification across Nigeria.

CBN further disclosed that the development – a key outcome alongside the IMF & World Bank Annual Meetings – will enable the IFC to scale its naira-denominated investments across priority sectors of the Nigerian economy, including agriculture, housing, among others.

These developments were contained in a post on its official X handle on Monday, the apex bank disclosed that the collaboration is set to channel over $1 billion in financing across the coming years to drive economic growth, job creation, and diversification across Nigeria.

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“The Central Bank of Nigeria (CBN) has signed an agreement with the International Finance Corporation (IFC) to boost local currency financing for Nigerian businesses, marking a key outcome alongside the IMF & World Bank Annual Meetings.

“This partnership will enable the IFC to scale its naira-denominated investments across priority sectors of the Nigerian economy, including agriculture, housing, infrastructure, energy, small and medium enterprises, as well as the creative and youth economy.

“The collaboration is set to channel over $1 billion in financing across the coming years to drive economic growth, job creation, and diversification across Nigeria.

“CBN Governor, Olayemi Cardoso described the partnership as part of the CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs,” the post on X read.

By: Babajide Okeowo

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