IFC invests N334.8 billion in Nigeria to stimulate growth


International Finance Corporation (IFC) has invested N334.87 billion in Nigeria’s critical sector in a year to stimulate economic growth.

The corporation’s total portfolio in Nigeria from July 2014 and June 2015 covers sectors such as infrastructure, commercial banks, microfinance, insurance, manufacturing, agribusiness, health and education according to Eme Essien Lore, Country Manager, IFC Nigeria.

The corporation, a member of the World Bank has also restated its commitment to assisting the country’s efforts at diversifying from oil and gas.

“IFC total portfolio in Nigeria today stands at 1.7 billion dollars and our investment sectors include infrastructure, commercial banking, microfinance, insurance, manufacturing, agribusiness, health and education”.

“Going forward we will continue to invest in our key focus areas in the country,’’ she said

She also stressed the corporation’s assistance in infrastructure, especially power, through investments and advice that would help in attracting private investments.

In Nigeria, dilapidated infrastructure, especially power has adversely impacted on growth especially in the private sector which has been the major driver of development.

As a way of reducing dependence on oil and gas, the corporation is looking towards the agricultural sector to buoy private participation.

“Agriculture has been a critical contributor to the country’s GDP and could be said to be the largest employer in Nigeria, especially the rural poor.

“So, we will help the Federal Government achieve its goal of diversifying the economy from the oil and gas sector by placing emphasis on supporting agribusiness,’’ Lore said.

In addition is the Micro, Small and Medium Enterprises (MSMEs) sector which is always a key target in the corporation’s investment plan owing to its creation of employment and reduction of poverty.