The Federal Government has entered into a cooperation agreement with the International Finance Corporation (IFC) aimed at accelerating the development of bankable infrastructure projects and attracting private sector investment into key sectors of the economy.
The agreement was signed in Abuja on Wednesday by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, alongside the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the Minister of Health and Coordinating Minister of Social Welfare, Dr Ali Pate. Senior government officials and top executives of the World Bank Group and IFC were also present.
In a statement issued by the Ministry of Budget and Economic Planning, Bagudu said the partnership would help Nigeria bridge its infrastructure deficit by ensuring that projects are properly prepared and structured to meet investor expectations.
He noted that Nigeria’s growing population and development needs in sectors such as rail, energy, water security, healthcare and digital infrastructure require innovative financing solutions driven by private capital.
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According to him, the agreement aligns with President Bola Ahmed Tinubu’s reform agenda, which prioritises macroeconomic stability, policy predictability and private sector-led growth in line with Nigeria’s Agenda 2050.
IFC Vice President for Africa, Mr Ethiopis Tafara, described the agreement as the product of a year-long engagement between both parties, built around a shared commitment to Nigeria’s economic transformation.
He said the collaboration would strengthen project and budget preparation processes, improve project identification and enhance the delivery of high-impact infrastructure across critical sectors.
Also speaking, IFC Regional Director for Central Africa and Anglophone West Africa, Ms Dahlia Khalifa, said the agreement represented a significant milestone in Nigeria’s development efforts.
She added that Nigeria’s reform momentum and youthful population present strong growth opportunities that can be unlocked through sustained infrastructure investment and effective public-private partnerships.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
