The Central Bank of Nigeria, the members of the World Bank Group, and the International Finance Corporation have partnered to develop strategies for bolstering the expansion of the private sector in Nigeria.
This disclosure was made by the CBN via its official X account on Thursday.
This follows the visit of the IFC delegation led by its Managing Director, Mr. Makhtar Diop, to the CBN governor, Olayemi Cardoso.
Nigeria currently has an active investment portfolio worth $2.1 billion, making it the second-largest IFC portfolio in Africa.
CBN said, “The leadership of the CBN and IFC held a significant meeting to discuss strategies for supporting Nigeria as part of the IFC’s mandate to bridge the infrastructure gap, build productive industries, and foster inclusive business approaches.
“A key focus of the meeting was identifying areas to support private sector growth in Nigeria, including expanding access to credit, facilitating trade of receivables for SMEs, and promoting local currency liquidity enhancement solutions between the CBN and the IFC.”
In addition, the apex bank stated that by encouraging the creation of financial products that satisfy national requirements and stimulate the financial ecosystem, the CBN and IFC hope to revitalize Nigeria’s banking sector.
“This includes advancing initiatives that Nigerian banks can readily adopt,” CBN noted.
