Tinubu Hails Push for Private Capital as IFC Commits Mission to Nigeria
The International Finance Corporation (IFC) has announced plans to immediately dispatch a mission to Nigeria to explore scalable investment opportunities capable of unlocking private capital in key sectors of the economy, including livestock, energy, and housing.
The announcement was made on Thursday in Kigali, Rwanda, by IFC Managing Director Makhtar Diop during a meeting with President Bola Ahmed Tinubu on the sidelines of the 13th Africa CEO Summit.
Diop led a high-level IFC delegation that included Ethiopis Tafara, Regional Vice President for Africa, and Dahlia Khalifa, IFC Director for Central Africa and Nigeria.
According to Diop, the Corporation is keen to deepen collaboration with Nigeria by developing investment structures that can accelerate growth in critical sectors and attract greater private sector participation.
He praised President Tinubu for the bold economic reforms undertaken by his administration, particularly the removal of fuel subsidies and the harmonisation of Nigeria’s exchange rate system.
Describing the reforms as “courageous and transformative,” Diop said they had sent a strong signal to global investors regarding 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,” Diop stated.
President Tinubu, in his remarks, reaffirmed Nigeria’s readiness to harness private capital for institutional and infrastructure development across the country and the continent.
The President stressed the need for African pension funds to evolve into strategic development finance instruments capable of supporting large-scale infrastructure and productive-sector investments.
He further urged African leaders and the private sector to focus on mobilising African institutional capital to finance infrastructure, energy transition, and long-term economic transformation.
According to the President, such efforts are critical to advancing Africa’s development agenda and addressing the continent’s socio-economic challenges.
President Tinubu also highlighted the importance of decentralising energy systems and strengthening transmission infrastructure to attract more private sector investment and improve 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.
Discussions at the meeting also centred on innovative financing mechanisms involving institutional investors, local currency financing structures, and swap arrangements aimed at deepening infrastructure funding across Africa.
Diop noted that local currency facilities and strategic banking partnerships including collaborations involving Nigerian financial institutions such as Access Bank, could enhance regional financial integration, facilitate trade, and support business growth across the continent.
He added that African leaders must collectively pursue what he described as an “African Renaissance,” driven by strong continental institutions and regional economic champions.