The International Finance Corporation (IFC) has announced plans to send a mission to Nigeria to explore scalable investment frameworks aimed at unlocking private capital for critical sectors, including livestock, energy, and housing. This development comes as the World Bank-supported Livestock Productivity and Resilience Support (L-PRES) Project has reached approximately 1.4 million beneficiaries across 20 states.
IFC Mission to Nigeria
IFC Managing Director Makhtar Diop disclosed the plans during a meeting with President Bola Tinubu on the sidelines of the 13th Africa CEO Summit in Kigali, Rwanda. Diop led an IFC delegation comprising Regional Vice President for Africa, Ethiopis Tafara, and Director for Central Africa and Nigeria, Dahlia Khalifa. He emphasized the corporation's interest in deepening collaboration with Nigeria in strategic sectors that can drive economic growth, job creation, and regional integration.
Diop commended President Tinubu for his administration's bold economic reforms, particularly the removal of fuel subsidies and the unification of the foreign exchange market. He stated that these measures have sent a strong signal to global investors about Nigeria's commitment to implementing difficult but necessary reforms. "President Tinubu, you have been so courageous in removing the subsidy. When you did it, I said to myself, President Tinubu took the bull by the horns," Diop said.
President Tinubu's Response
During the meeting, President Tinubu reiterated Nigeria's readiness to harness private-sector capital to accelerate institutional and infrastructural development. He stressed the need for African pension funds to evolve into strategic development finance vehicles capable of supporting large-scale infrastructure and productive-sector investments across the continent.
World Bank L-PRES Project Progress
The World Bank-funded L-PRES project, valued at approximately $500 million and expected to run for six years, is designed to improve livestock productivity, strengthen resilience, and enhance commercialisation across key value chains, including beef, dairy, sheep, goat, poultry, and feed systems. The National Coordinator of L-PRES, Dr. Abubakar Sanusi, announced at the Mid-Term Review (MTR) that the project has exceeded its initial target of 1.43 million beneficiaries, reaching about 1.4 million individuals, including 546,000 females and 903,000 males.
Dr. Sanusi stated that the review aimed to assess progress and strengthen the next phase of implementation across Nigeria. He emphasized that the project is part of the Federal Government's broader livestock transformation agenda under the Renewed Hope Agenda of President Tinubu, aimed at repositioning the livestock sector as a major contributor to national economic growth, food security, employment generation, and rural development.
The World Bank Task Team Leader, Dr. Menniviel Sene, emphasized the need to fast-track implementation and ensure that the project delivers meaningful and sustainable results for livestock farmers and communities across Nigeria.
