The Federal Government has signed a cooperation agreement with the International Finance Corporation (IFC) to accelerate the development of bankable infrastructure projects and attract private capital needed to drive Nigeria’s economic transformation.
The agreement was signed in Abuja on Wednesday in the presence of the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of Health and Coordinating Minister of Social Welfare, Dr Ali Pate; senior government officials; and top executives of the World Bank Group and IFC.
According to a statement from the Ministry of Budget and Economic Planning, Bagudu said the partnership would help bridge Nigeria’s infrastructure gap by ensuring that projects are properly prepared and investment-ready.
“Nigeria is a country brimming with opportunities. With over 230 million people, our needs in rail, energy, water security, healthcare and digital infrastructure are extensive,” Bagudu said. “This agreement is about preparing credible projects that give investors confidence and clarity on where to deploy capital.”
Speaking on behalf of IFC, its Vice President for Africa, Mr Ethiopis Tafara, said the agreement was the product of a year-long collaboration anchored on a shared vision for Nigeria’s development.
He said the partnership would strengthen project and budget preparation by improving the identification, structuring and delivery of high-impact projects aligned with President Bola Tinubu’s Renewed Hope Agenda.
“This is not just about signing a document,” Tafara said. “It is about laying the foundation for transformative projects that create jobs, attract investment and improve the lives of Nigerians.”
Tafara stressed that Nigeria’s infrastructure deficit cannot be addressed through public funding alone, noting that public-private partnerships are essential to mobilising the scale of capital required.
IFC Regional Director for Central Africa and Anglophone West Africa, Ms Dahlia Khalifa, described the agreement as a major milestone in Nigeria’s development efforts, citing ongoing reforms and the country’s youthful population as strong drivers of growth.
She said the framework would support partnerships capable of delivering shared prosperity, reaffirming IFC’s commitment to Nigeria, where it has mobilised about $20 billion in investments over the past five years.
Khalifa added that IFC’s growing presence in Nigeria, including a significant increase in staff strength, reflects deeper engagement and would support transformative projects across transport, energy and small and medium-sized enterprises.
