Abuja: The Federal Government has announced ongoing discussions with the International Finance Corporation (IFC) aimed at exploring capital market and funding options to boost infrastructure development in Nigeria through Public-Private Partnerships (PPP). This was disclosed following a significant meeting between the Infrastructure Concession Regulatory Commission (ICRC) and the IFC, a member of the World Bank Group.
According to News Agency of Nigeria, the World Bank delegation visited Nigeria on a fact-finding mission to explore ways to develop and unlock the capital market for infrastructure investment. Dr. Jobson Ewalefoh, Director-General of the ICRC, highlighted the importance of this visit, noting its potential to transform infrastructure development in the country. He emphasized that alternative finance options, such as utilizing the capital market, are central to his innovative financing agenda.
Dr. Ewalefoh further elaborated that funding is a critical component of infrastructure development, and unlocking the capital market could mark a significant milestone. He noted that discussions with the World Bank and IFC centered around the opportunities, challenges, and the necessity of accessing vast funds available in the capital market for infrastructure projects. The dialogue focused on attracting investors to Nigeria by ensuring the viability and bankability of projects, while also addressing investor concerns about associated risks.
The Director-General expressed concern over the lack of information regarding investment opportunities in Nigeria, which remains a key investment destination. He called on the World Bank to enhance support for Nigerian government agencies through funding and capacity development to generate more eligible project pipelines. He also highlighted the ICRC’s commitment to improving communication about Nigeria’s investment potential and streamlining PPP processes to accelerate infrastructure project delivery.
The World Bank delegation was led by Ms. Patricia Canziani, who articulated the meeting’s aim to gather information to facilitate the introduction of the Joint Capital Markets Programme (J-CAP) in Nigeria. Ms. Canziani emphasized the program’s objective to collaborate with Nigerian stakeholders to support the development and roles of the capital market. She acknowledged the existing products within the Nigerian Capital Market and conveyed the World Bank’s readiness to support the development of new products to enhance funding for PPPs. The visit by the World Bank IFC to ICRC is part of a series of strategic meetings with key government and private stakeholders essential to its mission.