In a strategic move to stimulate economic growth and empower private businesses, the International Finance Corporation (IFC), part of the World Bank Group, has signed a landmark agreement with the Central Bank of Nigeria (CBN) to enhance local currency financing.
This collaboration aims to address the ongoing challenges faced by Nigerian businesses due to limited access to affordable financing in local currency, helping them to mitigate exchange rate volatility and financial constraints.
The agreement between IFC and CBN focuses on providing a stronger financial foundation for Nigeria's private sector, enabling businesses to grow, create jobs, and thrive in a competitive landscape. By boosting local currency financing options, the initiative seeks to strengthen financial stability and encourage sustainable investment within Nigeria, ultimately driving economic resilience.
This partnership also aligns with IFC’s broader mission to support private enterprise development and CBN's vision of fostering a robust and inclusive financial sector in Nigeria. As private businesses gain better access to stable financing, experts believe the agreement will play a pivotal role in supporting Nigeria’s economic recovery and sustainable growth trajectory.