IFC Targets Private Capital for Nigeria's Key Sectors

The International Finance Corporation (IFC) is working to unlock private capital for strategic sectors of the Nigerian economy, including agriculture, infrastructure, and small businesses. Olivier Buyoya, Division Director for Nigeria and Central Africa at the IFC, announced this initiative during a press conference in Lagos ahead of the 2026 Africa Financial Summit (AFIS) scheduled for November 3 and 4 in Luanda, Angola.

This effort is part of the IFC and World Bank Group's new five-year Country Partnership Framework, aimed at addressing major financing challenges on the continent. Buyoya emphasized the urgent need for increased agricultural financing, noting that Nigerian commercial banks allocate less than 5% of their lending to this sector.

Dafe Oraka, Principal Investment Officer at IFC, mentioned the expansion of local currency financing to mitigate currency volatility affecting African businesses. He cited a local currency borrowing framework agreement signed with Access Bank in May, which will support long-term financing for small and medium-sized enterprises across Africa.

The AFIS, established in 2021, aims to enhance coordination among financial sector stakeholders.