President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to attracting strategic investments into Nigeria’s infrastructure and real sector development following high-level talks with the International Finance Corporation (IFC) on the sidelines of the Africa CEO Forum in Kigali, Rwanda.
Tinubu disclosed that he met with IFC Managing Director Makhtar Diop and his team to discuss ongoing collaboration aimed at addressing Nigeria’s estimated $14 billion annual urban infrastructure deficit through public-private partnerships and targeted investment initiatives.
The President said Nigeria was ready to work with credible global investors and development institutions capable of supporting the country’s economic reform agenda and infrastructure expansion plans.
“I was pleased to meet with Managing Director of IFC, Makhtar Diop and his team in Kigali on the margins of the Africa CEO Forum,” Tinubu wrote in a statement shared on his official X account.
“Nigeria welcomes IFC’s work in advancing a PPP infrastructure pipeline to help address our annual urban infrastructure gap of about $14 billion. This is the type of practical partnership our reforms are designed to unlock,” he added.
Tinubu explained that discussions during the meeting focused on investments in urban infrastructure, water projects, transportation, energy access, MSME financing and local currency solutions aimed at stimulating economic growth and improving regional integration.
“From urban infrastructure to water, land transportation, energy access, MSME finance, and local currency solutions, we are building a framework that can move capital into real projects, create jobs, improve productivity, and strengthen regional connectivity with our neighbours,” the President stated.
According to him, the Federal Government’s Renewed Hope Agenda is focused on transforming economic ambitions into measurable development outcomes capable of improving the living conditions of Nigerians.
“Nigeria is ready for serious capital, credible partners, and bankable projects. Under our Renewed Hope Agenda, we must turn ambition into delivery, and delivery into better lives for our people,” Tinubu said.
The President also expressed optimism about strengthening cooperation between Nigeria, the IFC and the World Bank Group in critical sectors of the economy.
“I look forward to deepening this partnership with IFC and the World Bank Group as we build infrastructure for growth, inclusion, and shared prosperity,” he added.
In his own remarks, IFC Managing Director Makhtar Diop described the engagement with Tinubu and Nigerian officials as productive, noting that the corporation was actively supporting projects targeted at improving infrastructure, expanding energy access and boosting small business financing in Nigeria.
“Inspiring conversation with President Tinubu and Nigerian leadership on our shared development agenda,” Diop wrote on X.
He revealed that the IFC was already advancing a public-private partnership infrastructure pipeline to tackle Nigeria’s infrastructure challenges while also expanding local currency financing initiatives to support small and medium-scale enterprises.
“IFC is advancing a PPP infrastructure pipeline to help address Nigeria’s $14B annual urban infrastructure gap, completed a landmark cross-currency swap with the Central Bank of Nigeria, and is expanding local currency solutions to support MSME growth,” Diop stated.
He further disclosed that the IFC was supporting mini-grid and solar energy developers under the World Bank Group’s Mission 300 initiative aimed at increasing electricity access across Africa.
According to Diop, discussions are also ongoing on water and land transportation projects intended to strengthen regional connectivity between Nigeria and neighbouring countries.
“Proud of what this partnership is delivering for jobs, infrastructure, and inclusive growth in Nigeria,” he added.
