By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: IFC, CBN Partner to Boost Local Currency Financing
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

IFC, CBN Partner to Boost Local Currency Financing

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: October 28, 2024
Share
2 Min Read
SHARE

The International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have entered into a strategic partnership to increase local currency financing in Nigeria.

This move aims to support private businesses across key sectors of the Nigerian economy, including agriculture, housing, infrastructure, energy, small and medium enterprises (SMEs), and the creative and youth economy.

The agreement will enable IFC to manage currency risks while expanding its investment in the Nigerian naira, facilitating more than $1 billion in financing over the coming years. This funding is essential for boosting critical sectors that require long-term local currency financing.

CBN Governor Yemi Cardoso highlighted the significance of this collaboration, stating, “This pioneering initiative between IFC and CBN will unlock much-needed long-term local currency financing for private businesses in Nigeria at economically viable rates. It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification.”

- Advertisement -

Makhtar Diop, Managing Director of IFC, noted the importance of expanding access to affordable local currency financing, emphasizing that it will enhance lending in naira and support job creation across the country. Diop said, “Expanding access to affordable local currency financing for small businesses in Nigeria is essential for IFC to address the increasing demand for diverse funding options and to better manage currency risk.”

With an active portfolio of $2.13 billion in Nigeria—second highest in Africa—local currency financing is a top priority for IFC as it seeks to support the country’s economic development through innovative financial instruments and partnerships.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNIFC
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Mohbad’s Widow Wunmi Agrees to Conduct DNA Test for Son’s Paternity Amid Family Dispute
Next Article Erik ten Hag Manchester United Sack Manager Erik ten Hag, Appoint Ruud van Nistelrooy as Interim Coach

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?