The International Finance Corporation (IFC) who are members of the World Bank Group and the Central Bank of Nigeria (CBN) have reached a deal to partner on how to strengthen private sector growth in Nigeria.
CBN disclosed this on Thursday after the visit of the IFC delegation led by its Managing Director, Mr. Makhtar Diop, to the CBN governor, Olayemi Cardoso.
It was stated that the main purpose of the meeting is to identify areas in Nigeria private sector to support.
“The support to be given to the private sector will include expanding access to credit, facilitating trade of receivables for SMEs, and promoting local currency liquidity enhancement solutions between the CBN and the IFC.
“The leadership of the CBN and IFC held a significant meeting to discuss strategies for supporting Nigeria as part of the IFC’s mandate to bridge the infrastructure gap, build productive industries, and foster inclusive business approaches. This was twitted on CBN X handle.
Nigeria holds the second-largest IFC portfolio in Africa with an active investment portfolio of $2.1bn as of April 2024.
“The regulator added that both the CBN and IFC aim to invigorate Nigeria’s banking industry by fostering the development of financial products that meet the country’s needs and catalyse the financial ecosystem.”
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