IFC to invest more in Nigeria
The International Finance Corporation, the World Bank's private lending unit, announced it would boost its investments in Nigeria by 25% by next year. The figure represents an increase of investments to US$2 billion.
Solomon Adegbie-Quaynor, the country's International Finance Corporation manager, said in an interview with media that funds they can raise directly through the International Finance Corporation or through other investment sources will be poured directly in industries that provide Nigeria clear advantage over its competitors.
Finance Minister Ngozi Okonjo-Iweala previously said in May that the country would need an investment of around US$10 billion a year for infrastructure to sustain the rising population and its expanding economy. Nigeria's population today is estimated to be no less than 160 million.
"We are partnering with the Nigerian Sovereign Investment Authority and also looking at institutions to work with for activities in banks, power, gas, transport and agriculture. Power will be an important industry for IFC investment as it is identified as largest constraint to private-sector growth in Nigeria," Mr. Adegbie-Quaynor said. The country's sovereign wealth fund is managed by the Nigerian Sovereign Investment authority.