Business
IFC, CBN Collaborate To Boost Local Currency Support
The International Finance Corporation (IFC) has entered into a strategic partnership with the Central Bank of Nigeria (CBN) aimed at enhancing local currency financing to empower private businesses throughout the country.
This agreement, announced on Monday, is set to enable the IFC to better manage currency risks while significantly increasing its investments in Nigerian naira, particularly within priority sectors such as agriculture, housing, infrastructure, energy, small and medium enterprises (SMEs), and the creative economy.
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CBN Governor Yemi Cardoso highlighted the initiative’s ambitious goal, stating that the IFC intends to scale its financing efforts to more than $1 billion in the coming years, addressing the urgent need for local currency support in key economic sectors.
“This pioneering initiative between the IFC and CBN will unlock much-needed long-term local currency financing for private businesses in Nigeria at economically viable rates,” Cardoso said, noting the initiative’s potential to transform the nation’s economic landscape.
The collaboration represents a significant advancement in the CBN’s commitment to fostering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention strategies.
According to Cardoso, this partnership will act as a vital catalyst for economic growth and will support the Federal Government’s agenda for economic diversification.
IFC Managing Director Makhtar Diop echoed the importance of the agreement, stating that increasing access to affordable local currency financing is essential for small businesses in Nigeria.
“Our partnership with the Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and creating jobs across the country,” Diop remarked.
He also emphasized the IFC’s commitment to utilizing innovative financial instruments and strengthening partnerships to meet the rising demand for local currency financing in emerging markets.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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