President Bola Tinubu has urged international development financiers to view Africa as a prime destination for growth and prosperity. During a meeting at the presidential villa in Abuja with a delegation from the International Finance Corporation (IFC), led by Managing Director Makhtar Diop, President Tinubu called for strategic investments in agriculture, infrastructure, and research and development across the continent.
Ajuri Ngelale, Special Adviser to the President on Media and Publicity, released a statement quoting Tinubu: “The IFC and the World Bank need to see Africa differently. I am pleased that an African is leading the IFC, as this provides a better understanding of our continent’s potential for growth, peace, stability, and prosperity.
“Africa should be viewed as a contributor to global progress, not as a region plagued by instability and leadership issues. The world’s perception of Africa must shift to recognize our potential opportunities, which will drive growth and inclusivity. We are prepared to change the narrative and collaborate to position Africa as a hub for business and development.”
Highlighting Nigeria’s significant engagement with the IFC, with an active investment portfolio of $2.1 billion as of April 2024, President Tinubu emphasized the importance of key infrastructure projects such as the 700km Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway. He pointed out past challenges with irrigation and transportation in rural areas and stressed the importance of improving infrastructure to support agricultural productivity.
During the meeting, Mr. Diop noted that his visit to Nigeria had included productive discussions aimed at enhancing agriculture, increasing food production through irrigation, upgrading transport networks, and fostering regional integration. He announced a $23.3 million loan agreement with Johnvents Industries Limited to support Nigeria’s cocoa sector and emphasized the IFC’s commitment to growing agribusiness in the country.
“We are committed to supporting small and medium enterprises in agriculture and attracting major players to boost food production,” Diop stated. He also expressed readiness to partner with the Nigerian government on new investments in irrigation, road infrastructure, and airport logistics through public-private partnerships.
Mr. Diop congratulated President Tinubu on his one-year anniversary in office and praised his efforts to revitalize Africa’s largest economy. He reaffirmed the IFC’s commitment to long-term investment in Nigeria, highlighting a $1.2 billion investment in the fertilizer industry as the Corporation’s single largest investment in Africa.
