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IFC proposes $1.5bn annual investment in Nigeria

By on March 26, 2014

The International Finance Corporation IFC), which is the  private sector arm of the World Bank, has unfolded plans to commence an annual investment of $1.5 billion in critical sectors of the Nigerian economy.

The first tranche of the investment would be channelled into housing and other infrastructure, particularly power generation, distribution and natural gas.

Executive Vice President/Chief Executive Officer of IFC for Africa, Mr. Jin-yong Cai, made the disclosure in Abuja yesterday after a meeting with the World Bank  and the  Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo–Iweala, in her office.

The corporation, Cai said, was willing to invest $1.5 billion on a yearly basis, noting that the proposed yearly investment in the country was not like the World Bank loan with tenor and interest rate components.

But he said the IFC would work with the private sector in carrying out the various projects with the federal government only providing the needed guarantee for the fund.

In her remarks, Okonjo-Iweala said she was elated that the discussion with the IFC team yielded good results, noting that with the proposed yearly investment, the scope of investment in Nigeria would have been expanded and would  boost  the Nigerian economy in the process.

 

 

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One Comment

  1. Bola

    March 26, 2014 at 4:38 pm

    This is really encouraging. Things are getting better and our economy is getting stronger.