NIPC, IFC, and World Bank Engage in Discussions on Nigeria Country Private Sector Diagnostic

By December 6, 2023 NIPC News

Abuja – 6 December, 2023 – Earlier today, Nigerian Investment Promotion Commission (NIPC) hosted representatives from the International Finance Corporation (IFC) and the World Bank to discuss strategies for mobilising private capital and fostering investment in Nigeria. The meeting which held at the Commission’s head office, focused on identifying potential investment opportunities, addressing challenges faced by investors, and exploring areas for collaboration with both organisations.

The visiting delegation led by Senior Economist, Nadege Desiree Yameogo included Country Officer, IFC, Mohammed Yusuf, Senior Economist, finance, competitiveness and Innovation, Ruchita Manghnani, Senior Economist, and Florian Molders.

NIPC’s Chief Executive, Ms. Aisha Rimi, and her team provided an overview of Nigeria’s investment landscape, highlighting Nigeria’s abundant natural resources, young population, and strategic location as a gateway to Africa. They also emphasised the government’s commitment to improving the business environment and creating an enabling environment for investment.

The discussion focused on specific sectors identified for investment, including agribusiness, manufacturing, infrastructure development, mining, health, and education. The NIPC outlined its efforts to support these sectors through various initiatives, such as the One-Stop Investment Centre, while assuring that investors can benefit from support structures provided by the Commission.

The IFC and World Bank representatives raised questions about challenges faced by investors in Nigeria, including forex scarcity, infrastructure bottlenecks, and regulatory hurdles. They also inquired about the NIPC’s plans to address these challenges and attract more foreign investment.

Acknowledging the challenges, CEO Rimi conveyed confidence in the government’s commitment to resolution. She underscored NIPC’s pivotal role in orchestrating collaboration among federal and state agencies to augment the investment climate.

The meeting concluded with a commitment to further collaboration between the NIPC, IFC, and World Bank. Structured discussions are planned in January 2024 to explore specific areas for joint action.