The Bank of Industry Limited (BOI) and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a cooperation agreement to advance the development of the Abuja Conference and Exhibition Arena (ACE Arena). This planned world-class conference and exhibition complex aims to boost tourism, job creation, and foreign investment in Nigeria.
Project Overview
The proposed facility is expected to be developed under a Public-Private Partnership (PPP) framework. It will include conference and exhibition halls, staging areas, as well as hospitality, retail, and cultural facilities integrated into a large-scale venue comparable to leading conference destinations across Africa.
Economic Impact
According to the partners, the project is designed to position Abuja as a major destination for global events. It will help Nigeria retain the economic benefits tied to large international gatherings, including conference and exhibition revenues, hospitality earnings, tourism spending, and increased business activities generated by events hosted within the country.
Advisory Services
Under the agreement, IFC will provide advisory services to BOI during the project’s early preparation stage. The advisory work will cover market, financial, environmental, legal, and regulatory assessments to determine the project’s scope, infrastructure mix, and financing structure ahead of subsequent development phases.
PPP Model and Private Capital
The partners noted that the PPP model is central to attracting the private capital needed for the project, especially as African governments continue to fund most infrastructure projects through domestic resources. They added that the arrangement reflects the commitment of both institutions to ensure the arena is developed in line with international standards of quality and sustainability while maximizing its impact on jobs, tourism, and long-term economic growth.
Statements from Leaders
Managing Director of BOI, Olasupo Olusi, said the project marked a significant expansion of the institution’s partnership with IFC. “Our partnership with IFC spans several areas critical to Nigeria’s development, and the ACE Arena represents an exciting new frontier in that relationship,” he said. Olusi added that infrastructure of such scale could unlock major economic opportunities for Nigeria by positioning the country as a competitive destination for global business and cultural exchange. “We are confident that IFC’s expertise will ensure the project is structured to deliver the kind of transformative, long-term impact that sits at the heart of BOI’s mandate,” he said.
IFC Regional Director for Nigeria and Central Africa, Dahlia Khalifa, said the project aligned with the broader development goals of the World Bank Group in Nigeria. “Supporting Nigeria’s development agenda is a priority for the World Bank Group, and the ACE Arena demonstrates what becomes possible when public institutions and the private sector work together to develop infrastructure that creates real and lasting value,” she said. Khalifa added that the engagement reflected the goals of the World Bank Group’s Country Partnership Framework for Nigeria, particularly in mobilizing private capital for infrastructure development.
IFC Investments in Nigeria
Over the past five fiscal years, IFC said it has committed $12.8 billion in investments to Nigeria’s private sector, including $1.9 billion in long-term financing and $10.9 billion in short-term financing. The institution also disclosed that it doubled its infrastructure commitments from $1.5 billion in 2020 to $3 billion in the 2025 financial year, supporting tens of thousands of jobs across Africa.
