FG, IFC seal deal to drive bankable infrastructure, attract private capital

By Progress Godfrey

The Federal Government has signed a cooperation agreement with the International Finance Corporation (IFC) to speed up the delivery of bankable infrastructure projects and mobilise private capital critical to Nigeria’s economic transformation.

The agreement, signed in Abuja on Wednesday, had 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 by the Budget Ministry, Senator Abubakar Atiku Bagudu, said the partnership would help Nigeria close its infrastructure gap by preparing credible, investment-ready projects capable of attracting private investors.

“Nigeria is a country brimming with opportunities. With a population of over 230 million, our needs in rail, energy, water security, healthcare, and digital infrastructure are extensive. This agreement aims to ensure that we prepare projects adequately so investors can have confidence and clarity on where to allocate capital,” he said.

Speaking for IFC, its Vice President for Africa, Mr Ethiopis Tafara, described the agreement as the outcome of a year-long collaboration built on a shared vision for Nigeria’s future.

He said the cooperation would strengthen project and budget preparation by improving the identification, structuring and delivery of high-impact projects across key sectors.

“This is not just about signing a document. It is about establishing the groundwork for transformative projects aligned with President Tinubu’s Renewed Hope Agenda—initiatives that generate employment, attract investment, and enhance lives,” Tafara said.

He added that public budgets alone cannot meet Nigeria’s infrastructure needs, stressing the importance of public-private partnerships.

He said, “Nigeria’s infrastructure gap cannot be closed by public budgets alone. Public-private partnerships are not optional; they are vital. IFC is ready to assist the government in developing a credible pipeline of projects across transport, energy, digital infrastructure, water, and other priority sectors.”

Also speaking, IFC Regional Director for Central Africa and Anglophone West Africa, Ms Dahlia Khalifa, said the agreement marked a major milestone in Nigeria’s development journey.

She said Nigeria’s ongoing reforms and youthful population offer strong growth prospects that can only be unlocked through robust infrastructure and effective public-private partnerships.

“That is what tonight is about – creating the framework for partnerships to thrive and deliver shared prosperity for all Nigerians,” Khalifa said.

She reaffirmed IFC’s long-standing commitment to Nigeria, noting that the institution has mobilised about 20 billion dollars in investments across key sectors over the past five years.

The regional director disclosed that IFC’s staff strength in Nigeria has quadrupled in the last two years, reflecting deeper engagement, and said the agreement would support transformative projects in transport, energy and small and medium-sized enterprises.

“This is the kind of collaboration that turns ambition into achievement. Together, we will build something meaningful for Nigeria—projects that connect markets, power industries, and unlock the full potential of the Nigerian people,” she added.

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