IFC Aims to Boost Agricultural Lending in Nigeria

The International Finance Corporation (IFC) is working to increase bank lending to Nigeria's agricultural sector, which currently receives less than 5% of commercial bank credit. Olivier Buyoya, IFC Division Director for Nigeria and Central Africa, made this announcement at a press conference prior to the 2026 Africa Financial Summit (AFIS) scheduled for November 3 and 4 in Luanda, Angola.

The summit will focus on mobilizing capital to drive economic growth and job creation across Africa. Buyoya highlighted that agriculture contributes over 25% to Nigeria's Gross Domestic Product (GDP), making access to finance crucial for enhancing productivity and job creation.

He noted that banks are hesitant to lend to agriculture due to risks such as post-harvest losses and inadequate infrastructure. Buyoya stressed the importance of understanding these risks and identified technology as a key factor in improving efficiency and reducing risks in the agricultural value chain.

The IFC invests approximately $4 billion to support the private sector and aims to mobilize more private capital for productive sectors in developing economies.