President Bola Tinubu has urged international development financiers to view Africa as a hub for growth and prosperity. This call to action was made during a meeting with a delegation from the International Finance Corporation (IFC), part of the World Bank Group, led by Managing Director Makhtar Diop.
President Tinubu emphasized the need for global financiers to consider strategic investments in key sectors such as agriculture, infrastructure, and research and development across the continent.
“The IFC and the World Bank must start seeing Africa in a new light. I am pleased that an African is leading the IFC and understands the potential for growth, peace, stability, and prosperity that our continent holds,” Tinubu stated.
He further remarked, “The world must view Africa as a continent that can contribute significantly to global prosperity, rather than seeing us as backward or unstable. Changing this perception is crucial to fostering growth and inclusivity.”
Highlighting Africa’s readiness for business, Tinubu added, “We are eager to change the narrative and work with you. Africa is open for business, irrespective of any prevailing misconceptions.”
Acknowledging Nigeria’s significant IFC portfolio, valued at $2.1 billion as of April 2024, Tinubu underscored the importance of key infrastructure projects under his administration, including the 700-kilometer Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway.
“We’ve made numerous attempts to build dams, but challenges with reticulation and irrigation persist. We must invest in rural infrastructure to improve living conditions and facilitate the transport of produce to consumer centers,” he said, referencing the coastal road and Sokoto-Badagry Highway projects.
In response, Makhtar Diop highlighted the IFC’s commitment to partnering with Nigeria on new investments in irrigation, road infrastructure, and logistics through public-private partnerships. During his visit, the IFC engaged in fruitful discussions with Nigerian stakeholders to boost agriculture, food production, and regional integration.
Mr. Diop announced a $23.3 million loan agreement with Johnvents Industries Limited to enhance the cocoa sector, emphasizing the importance of supporting small and medium enterprises in agriculture. He reiterated the IFC’s readiness to bring more significant players into Nigeria’s food production landscape.
“Despite the shocks and challenges faced globally, the IFC remains committed to long-term investments in Nigeria. Our single largest investment in Africa is in Nigeria, with $1.2 billion allocated to the fertilizer industry,” Mr. Diop noted. He also congratulated President Tinubu on his first year in office and commended his efforts to revitalize Africa’s largest economy.
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