Abuja, Nigeria – The Federal Government of Nigeria has signed a strategic cooperation agreement with the International Finance Corporation (IFC) to accelerate the delivery of bankable infrastructure projects and mobilise private capital critical to the country’s economic transformation.
The agreement, signed in Abuja on Wednesday, was witnessed by Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning; Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Dr. Ali Pate, Minister of Health and Coordinating Minister of Social Welfare; senior government officials, and top executives of the World Bank Group and IFC.
Senator Bagudu said the partnership would help close Nigeria’s infrastructure gap by preparing credible, investment-ready projects capable of attracting private sector participation.
“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 ensures projects are structured so investors have confidence and clarity on where to allocate capital,” Bagudu said.
Speaking on behalf of IFC, Vice President for Africa, Ethiopis Tafara, described the agreement as the culmination of a year-long collaboration built on a shared vision for Nigeria’s development. He said it would strengthen project preparation, budgeting, and delivery across high-impact sectors.
“This is not just about signing a document. It is about laying the foundation for transformative projects aligned with President Tinubu’s Renewed Hope Agenda—initiatives that generate employment, attract investment, and enhance lives,” Tafara said.
Tafara emphasised that public budgets alone cannot meet Nigeria’s infrastructure needs, highlighting the crucial role of public-private partnerships (PPPs).
“Public-private partnerships are not optional; they are vital. IFC is ready to help the government develop a credible pipeline of projects across transport, energy, digital infrastructure, water, and other priority sectors,” he added.
IFC Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, described the agreement as a major milestone in Nigeria’s development journey. She noted that the country’s ongoing reforms and youthful population present strong growth prospects that can only be unlocked through robust infrastructure and effective PPPs.
Khalifa also highlighted IFC’s longstanding commitment to Nigeria, revealing that the institution has mobilised around $20 billion in investments across key sectors in the past five years, while its staff presence in the country has quadrupled in the last two years. She said the new agreement would specifically support transformative projects in transport, energy, and small and medium-sized enterprises (SMEs).
