Lagos, Nigeria, July 24, 2013 – IFC,
a member of the World Bank Group, said today it will partner with the Nigeria
Sovereign Investment Authority (NSIA) to develop, finance, and implement
infrastructure projects that will contribute to economic growth, jobs creation
and social development in Nigeria.
The partnership will help mobilize public
and private resources that will open the Nigerian market for infrastructure
investments in sectors such as power, gas, transport, housing, and healthcare.
In addition, the partnership will include co- project development on some
projects, as well as IFC supporting the NSIA through advice, given IFC’s
global expertise and experience on infrastructure development.
Uche Orji, Managing Director of NSIA, said,
“Our agreement with IFC reflects NSIA’s commitment to enhance partnerships
with the private sector that deliver on our shared aspiration of developing
infrastructure projects more effectively in Nigeria. Through this collaboration
with IFC, NSIA is better positioned to fulfill its mandate of developing
infrastructure projects while attracting global investors.”
Solomon Adegbie-Quaynor, IFC Country Manager
for Nigeria, said, “Infrastructure is a priority focus area for IFC. IFC
aims to help increase access to basic infrastructure services in Nigeria
by structuring commercially viable projects, facilitating private investments,
and building partnerships that enhance infrastructure financing. We believe
that our partnership with NSIA will bring development to the broader infrastructure
sector and foster sustainable economic growth for Nigeria.”
Nigeria, already Africa’s most populous economy,
has a young and growing population and vast infrastructure needs, including
in the power, transport, housing and healthcare sectors.
established by the Federal Republic of Nigeria to promote fiscal stability,
build a savings base for future generations of Nigerians and enhance the
development of Nigeria’s infrastructure. The NSIA’s investments are made
through three distinct funds: The Stabilization Fund, the Future Generations
Fund and the Nigeria Infrastructure Fund.
IFC, a member of the World Bank Group, creates
opportunity for people to escape poverty and improve their lives. We foster
sustainable economic growth in developing countries by supporting private
sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. In FY12, IFC
invested a record $20.4 billion in 103 developing countries, including
nearly $5 billion mobilized from other investors, and our Advisory Services
program expenditures grew to $197 million. For more information,