Chief Ajuri Ngelale

Abuja, June 6, 2024 – President Bola Tinubu has called on international development financiers to recognize Africa as a prime destination for growth and prosperity.

Addressing a delegation from the International Finance Corporation (IFC), a member of the World Bank Group, led by Managing Director Mr. Makhtar Diop, President Tinubu emphasized the need for strategic investments in agriculture, infrastructure, research, and development across the continent.

“The IFC and the World Bank must shift their perspective on Africa. With an African at the helm of IFC, there’s an understanding that Africa holds vast potential for growth, stability, and prosperity.

“We urge the world to see Africa as a partner for progress, not a region marred by instability and backwardness. It’s time to change perceptions and unlock opportunities for inclusive growth,” President Tinubu remarked.

Highlighting Nigeria’s significant portfolio with the IFC, totaling $2.1 billion as of April 2024, President Tinubu underscored the importance of critical infrastructure projects like the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway.

“We’re committed to improving rural infrastructure to enhance agricultural productivity. Projects like the coastal road and Sokoto-Badagry Highway aim to address these challenges,” he stated.

Mr. Diop, in his remarks, outlined the IFC’s engagement in Nigeria to boost agriculture, enhance transport networks, and promote regional integration. He announced a $23.3 million loan agreement with Johnvents Industries Limited to develop Nigeria’s cocoa sector.

“We’re partnering with small and medium enterprises in agriculture and encouraging larger players to invest in food production. Our focus is on long-term investments in irrigation, road infrastructure, and logistics,” Mr. Diop affirmed.

Commending President Tinubu’s leadership in revamping Nigeria’s economy, Mr. Diop reaffirmed the IFC’s commitment to supporting the country’s development agenda.

“We stand ready to support Nigeria’s economic growth. Despite global challenges, our investment in Nigeria remains strong,” Mr. Diop concluded.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

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