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IFC To Mobilise Private Sector Funding To Fast-track Recovery Of Nigerian Economy

The newly appointed senior country manager of the International Finance Corporation (IFC) for Nigeria, Kalim Shah, has said that the organisation is committed to hastening recovery of the Nigerian economy through private sector funding.

Speaking on his appointment, Shah said: “Nigeria and all of Africa, is at an important crossroads because of COVID-19 and the economic decisions made today will resonate for years to come. My focus will be on helping to ensure that the private sector is at the heart of Nigeria’s recovery and a driving force for job creation and poverty reduction.

“I look forward to this exciting opportunity and to working with partners to strengthen Nigeria’s private sector, which is one of the most dynamic and exciting in Africa.”

IFC’s focus in Nigeria includes; nurturing the country’s expanding digital economy, helping to narrow the infrastructure gap, support entrepreneurship and boost access to finance for smaller businesses and women entrepreneurs.

IFC has been supporting Nigeria by deploying up to $200 million of its COVID-19 fast-track global financing facility to several financial institutions in Nigeria to help them increase lending to small businesses, which form the backbone of the country’s economy.

Commenting, IFC’s regional director for Southern Africa and Nigeria, Kevin Njiraini, said: “Nigeria is a priority for IFC with an active country portfolio across sectors including healthcare, manufacturing, agribusiness, financial services, infrastructure and technology.

“We are building on these strong foundations, and Kalim’s proven leadership in transformational projects will serve him well in his new role in Nigeria.”


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