International Finance Corporation, IFC said it
has invested 25 per cent, about N60 billion of its
2012 total investment in Nigeria on
infrastructure.
Vice President, Sub-Saharan Africa, Latin
America and The Caribbean, Jean Philippe
Prosper stated this in Lagos while interacting
with news men during his visit to Nigeria.
He said that IFC has invested a total of $1.5bn in
Nigeria within the organisations’s last fiscal year
that ended in June, 2013.
According to him, the infrastructure and natural
resources sector got 25 per cent, about N60bn,
while manufacturing and agribusiness got 25
per cent. The financial markets got N120bn
about 50 per cent of the total investments.
“We have significantly increased our volume of
activities both in terms of investments and
advisory services. On the investment front, we
have in the past fiscal year, which is from July
1st 2012 to June 30, 2013, invested about
$1.5bn in Nigeria which represents close to 30
per cent of what we have done in Africa this
year. That was about 50 per cent in financial
markets, 25 per cent on infrastructure and
natural resources and the other 25 per cent in
manufacturing and agribusinesses,” he said.
He added that, “Over all in Africa, we have
significantly increased our activities in
infrastructure development particularly in
power and transport, because those are the key
areas of need in Africa. In Nigeria, our major
focus is on power and we as a World Bank Group
are working with the government and others and
we have developed a joint World Bank approach
on what we call Energy Business Plan.”
He further noted that Nigeria’s economy is
providing veritable opportunities, presenting
huge prospects for growth and IFC will continue
to do more businesses in Nigeria.
“In terms of doing business in Nigeria, we would
have not been able to increase our volume of
business if there were no opportunities. Clearly
there are opportunities, it is a vibrant economy
as the economy has grown to over 7 per cent in
the last three years and it is expected to
continue to grow even in a relatively faster pace.
Of course there are issues but what is important
to us is that we are seeing positive trends in the
economy and we are excited about the
opportunity for us to continue to do more
business,” he said.
On the $1bn bonds that IFC plans to issue in
Nigeria and has approved full authorisation to
commence the process, Prosper said, it was to
boost investors’ confidence in the financial
market and also to make long term loan available
to local companies in the country.
“The $1bn bond that we want to issue would
have two important effects. First, there will be
huge confidence. All the international investors
will see that IFC is willing to take the risks on
Nigeria, because at the end of the day we are
issuing it in naira. Also, that investment will
help us to issue long term financial instrument
to local companies. This is because once we get
that money, we will use it to lend to companies
that need naira, we will give more to local
companies in long term project of up to fifteen
years which commercial banks cannot give
because they don’t have such instruments,” he
explained.

Source -www.vanguardngr.com/2013/08/ifc-invests-n60bn-in-infrastructure-development-in-nigeria/