President Bola Tinubu has urged international development financiers to view Africa as a prime destination for growth and prosperity.
During a meeting with a delegation from the International Finance Corporation (IFC), part of the World Bank Group and led by Managing Director Makhtar Diop, President Tinubu emphasized the need for strategic investments in sectors such as agriculture, infrastructure, and research and development across the continent.
President Tinubu highlighted that Nigeria holds the second-largest IFC portfolio in Africa, with an active investment of $2.1 billion as of April 2024. He pointed to key infrastructure projects under his administration, including the 700km Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway, as crucial to the country’s development.
Mr. Diop, leading the delegation, shared that his visit included productive discussions with Nigerian partners focused on enhancing agriculture, increasing food production through irrigation, improving transport networks, and promoting regional integration.
He announced that the IFC has signed a $23.3 million loan agreement with Johnvents Industries Limited, a leading agribusiness, to support economic development and the transformation of Nigeria’s cocoa sector. Mr. Diop reiterated IFC’s commitment to partnering with the Nigerian government on new investments in irrigation, road infrastructure, and airport logistics through Public-Private Partnerships.
Mr. Diop also congratulated President Tinubu on his first year in office and praised his bold efforts to revitalize Africa’s largest economy. He affirmed IFC’s dedication to long-term investments in Nigeria, noting that the corporation’s largest single investment in Africa is in Nigeria, with $1.2 billion allocated to the fertilizer industry.
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