Nigeria needs an approximate $2 trillion in investments over the next two decades to effectively close its critical infrastructure gap and foster sustainable economic growth. This projection was announced by the International Finance Corporation (IFC), a member of the World Bank Group.
As part of its commitment to support this significant undertaking, the IFC successfully mobilized $5 billion in investments for Nigeria in 2024 alone, according to Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa.
Khalifa made this disclosure during the Public-Private Partnership (PPP) Summit hosted by the Infrastructure Concession Regulatory Commission (ICRC) in Abuja. She highlighted that the substantial 2024 investments included major deals such as:
- $1.3 billion in financing for IHS Towers
- $1.3 billion investment in Eleme Fertilizer
These transactions are part of a broader strategy by the IFC to scale up private sector participation in Nigeria’s infrastructure development.
“IFC does more than advisory. We also put our money where our mouth is. Last year, IFC facilitated $5 billion in investments and financing for Nigeria,” Khalifa stated, underscoring the organization’s tangible commitment.
She stressed that mobilizing private capital is crucial, especially given the global decline in public financing due to widespread fiscal constraints. “In today’s reality where public funds are limited, attracting private capital becomes essential,” she noted, addressing a diverse audience of stakeholders from government, finance, and the private sector.
Khalifa emphasized that regulatory certainty, robust contract enforcement, and efficient dispute resolution mechanisms are key conditions for attracting long-term investment. “Investors go where there is predictability — where contracts are respected and disputes are resolved quickly and fairly,” she added, highlighting investor confidence as paramount.
The IFC also commended Nigeria’s recent reforms aimed at strengthening its PPP framework.
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They praised the ICRC’s efforts to revise national guidelines and maintain a transparent, publicly accessible project pipeline, both of which are seen as critical steps toward improving investor confidence.
Beyond direct infrastructure support, the IFC is collaborating with the Federal Ministry of Budget and Economic Planning to align project development with the National Integrated Infrastructure Master Plan (NIIMP).
The NIIMP, first drafted in 2012 and revised in 2020, outlines a comprehensive vision for $2.3 trillion in infrastructure investments by 2043, aiming to raise Nigeria’s infrastructure stock to at least 70% by that year.
“IFC is committed to supporting the Nigerian government in achieving these objectives — and we can already see progress,” Khalifa affirmed.
The corporation’s involvement reflects a growing international interest in Nigeria’s burgeoning infrastructure sector and underscores the vital role of development finance institutions in helping the country attract long-term private capital for sustainable development and job creation.