The Central Bank of Nigeria (CBN) has signed an agreement with the International Finance Corporation (IFC) to boost local currency financing for Nigerian businesses.
The CBN announced this in a statement on Monday afternoon, adding that the agreement marked a key outcome alongside the International Monetary Fund (IMF) and World Bank annual meetings.
“This partnership will enable the IFC to scale its naira-denominated investments across priority sectors of the Nigerian economy,” the statement read.
“These sectors include agriculture, housing, infrastructure, energy, small and medium enterprises as well as the creative and youth economy.”
The apex bank added that the collaboration is set to channel over $1 billion in financing across the coming years to drive economic growth, job creation and diversification across Nigeria.
CBN Governor, Olayemi Cardoso described the partnership as part of the apex bank’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs.
