By Seun Ibiyemi
The International Finance Corporation (IFC) says it will immediately deploy a mission to Nigeria to explore scalable investment structures aimed at unlocking private capital into the country’s livestock, energy and housing sectors.
Managing Director of the corporation, Makhtar Diop, disclosed this on Thursday during a meeting with Bola Ahmed Tinubu on the sidelines of the 13th Africa CEO Summit in Kigali.
Makhtar led an IFC delegation that included Ethiopis Tafara, Regional Vice President for Africa, and Dahlia Khalifa, Director for Central Africa and Nigeria.
According to him, the IFC is interested in discussing collaboration frameworks with Nigeria in the areas of energy, housing and livestock production.
He commended President Tinubu for the economic reforms introduced by his administration, particularly the removal of fuel subsidy and the harmonisation of the foreign exchange market.
Makhtar described the reforms as courageous and transformative, noting that they had sent a strong signal to global investors about Nigeria’s commitment to implementing difficult but necessary economic changes.
“President Tinubu, you have been so courageous in removing the subsidy. When you did it, I said to myself, President Tinubu took the bull by the horns,” he said.
Speaking during the meeting, President Tinubu reaffirmed Nigeria’s readiness to harness private capital for institutional and economic development.
The President said it had become necessary for African pension funds to evolve into strategic development finance instruments capable of supporting major infrastructure and productive-sector investments across the continent.
According to him, African leaders and private sector players must prioritise the mobilisation of African institutional capital to finance infrastructure, energy transition and long-term economic transformation.
Tinubu said such efforts were critical to accelerating development and addressing socio-economic challenges facing the continent.
He also stressed the need for Africa to focus on decentralising energy systems and transmission infrastructure to attract more private-sector investment and strengthen regional connectivity.
“If you want Africa to leapfrog, then energy transmission and decentralisation are important. The funding gap is there, and we must work together,” the President said.
The meeting also explored mechanisms for deploying institutional investors, local currency financing structures and swap arrangements to deepen infrastructure financing across Africa.
Makhtar noted that local currency facilities and banking partnerships, including collaboration structures involving Access Bank Plc, could enhance interstate financial integration, facilitate trade and improve business activities across the continent.
He added that African leaders faced similar development challenges and must jointly pursue what he described as an “African Renaissance” driven by strong institutions and regional economic champions.
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