The Nigerian government has signed a new deal with the International Finance Corporation to boost local currency financing in the country. With this deal, Nigeria will get over $1 billion in currency financing for key sectors of the nation’s economy.
This deal, announced in Washington, will boost financing opportunities for private businesses across key sectors in Nigeria, such as agriculture, housing, infrastructure, energy, small and medium enterprises, and the youth economy.
Also, the deal will allow a proper management of currency risks while increasing investment in local currencies.
The International Finance Corporation is the largest global development partner with a keen interest in the private sector. It is currently active in over 100 countries across the world providing financial support for emerging businesses. This year, it has committed $56 billion to private businesses in developing countries to create opportunities and fight poverty.
In Nigeria, the corporation’s focus remains on local currency financing as it seeks to leverage financial instruments and meet local currency demands.
The Central bank of Nigeria is optimistic that the partnership will herald major growth of private businesses and boost investors’ confidence in the country’s key sectors.
