Lagos, Nigeria, September 5, 2006—The
International Finance Corporation, the private sector arm of the World
Bank Group, said today that it aims to increase investment in Nigeria’s
manufacturing sector with domestic and international companies seeking
to improve their competitiveness. Together with the Manufacturing Association
of Nigeria, IFC cosponsored a seminar to explore investment opportunities
with about 100 MAN member companies.
“IFC intends to improve both the quality
and scale of its investment in Nigeria’s manufacturing sector. Increased
investment creates jobs, improves competitiveness, and demonstrates that
the private sector can promote high standards, profitability, and better
lives for Nigerians,” said Solomon Adegbie-Quaynor, IFC’s recently appointed
IFC brings unique global expertise to projects
by offering advisory services, investment products, and technical assistance.
IFC aims to help Nigerian companies grow faster by bringing to bear its
growing local presence and knowledge, financial products, and strong industry
expertise to enhance the business strategy of its clients. It helps companies
improve efficiency by promoting state-of-the-art environmental technologies.
IFC supports companies as they strive for international standards in areas
such as supply chain management and links with smaller, local businesses.
In the near future, IFC expects to offer local currency financing to Nigerian
businesses to help meet a wider range of needs.
IFC is a leader in investment in emerging
markets, with a global manufacturing and services portfolio of $12 billion.
Mr. Jide Mike, Director General of MAN said
“we are delighted to be working with IFC to develop the huge potential
that exists in the manufacturing sector. Our member companies have the
enthusiasm and skills, but need the long-term, secure funding that IFC
IFC’s strategy and activities in Nigeria
are coordinated with other World Bank Group institutions to offer the strongest
development impact and bring the most value to clients. IFC is leader
in Nigeria in promoting more efficient regulation that improves business
prospects. IFC works proactively with Nigerian and international project
sponsors to encourage projects in sectors critical to economic development—extractive
industries, financial markets, infrastructure, especially power and transport,
and manufacturing. IFC increasingly offers investment-linked technical
assistance to support project development and sustainability initiatives.
To expand its impact, IFC is diversifying its financial markets offering
beyond credit lines to include products and services that support insurance
as well as housing, trade, small business and microenterprise finance.
Since 2000, IFC has committed about $800 million in Nigeria. It held an
investment portfolio of $540 million at the end its 2006 fiscal year.
The International Finance Corporation, the
private sector arm of the World Bank Group, is the largest multilateral
provider of financing for private enterprise in developing countries. IFC
finances private sector investments, mobilizes capital in international
financial markets, facilitates trade, helps clients improve social and
environmental sustainability, and provides technical assistance and advice
to businesses and governments. From its founding in 1956 through FY06,
IFC has committed more than $56 billion of its own funds for private sector
investments in the developing world and mobilized an additional $25 billion
in syndications for 3,531 companies in 140 developing countries. With the
support of funding from donors, it has also provided more than $1 billion
in technical assistance and advisory services. For more information, visit
MAN is an industrial association serving and
representing over 2,000 companies manufacturing/assembling companies in
the private sectors of the national economy. Through its representative
membership, MAN acts as a central point of reference for government and
others who seek the views and reactions of manufacturers on matters of
MAN also advises consults and where necessary
deliberates mutually on issues with government and other bodies on matters
that affect its members. MAN is the acknowledged private sector leader
in Nigeria, particularly on matters of the national economy.