This partnership is intended to support key sectors, including agriculture, infrastructure, housing, energy, and small and medium-sized enterprises (SMEs), addressing the demand for funding that is both accessible and viable for businesses operating in naira.

Through this collaboration, IFC will be able to mitigate currency risks while scaling up investments in Nigeria’s economy by targeting essential areas that drive growth and employment. 

The organisation has set a goal to inject over $1 billion in financing over the coming years, focusing on sectors that particularly benefit from local currency availability.

Governor Yemi Cardoso of the CBN noted that the agreement shows progress in Nigeria’s approach to enabling economic growth. 

He emphasised that the partnership between IFC and CBN will provide sustainable long-term financing solutions to private businesses at rates that support their expansion, bringing conventional intervention programmes to a more structured economic diversification model.

IFC’s Managing Director, Makhtar Diop, also commented on the initiative, pointing to the importance of providing affordable financing options in naira to meet the rising need for diversified funding solutions. He noted that this collaboration would spur lending activities within Nigeria, furthering job creation and economic stability.

The IFC currently maintains an investment portfolio in Nigeria, valued at approximately $2.13 billion, making it one of the largest portfolios in Africa. Local currency financing has become a priority for the organisation, with a vision to continue exploring innovative financial tools to expand its support across emerging markets.

As part of its global mission, the IFC mobilising private capital to create sustainable economic opportunities. The institution’s recent commitment of $56 billion to private companies in fiscal year 2024 is a drive to address development challenges in various countries through market-driven solutions and strategic partnerships.

The World Bank is providing $750 million in financial support to the Federal for on-lending to the states.

According to the Federal Government, the Federal Capital Territory is also anticipated to receive $15 million from the fund.

Clement Agba, Nigeria’s Minister of State for Budget and National Planning provided the information to journalists on Monday in Abuja.

Agba emphasized that the fund would be performance-based and stated, “N950 million has been distributed thus far to each state. The states are required to use this money in accordance with the agreements they have made, as laid forth in the templates on the topic of livelihood (conditional cash transfers) or the category of Micro Small, and Medium Enterprises.

He stated that impartial accessors from outside the states would go to each one to see what they had submitted and assess their ability to use and manage the monies.

“The states can get a maximum of $20 million tied to their performance. The independent accessors would give the nod before states can make such access,” he said.

Commenting on the reports on Nigeria’s multidimensionally poor report released recently by the National Bureau of Statistics, the Minister said proper spread and mapping of developmental projects would lessen rising poverty.

He noted that the Budget and National Planning ministry was willing to work with states on a proper spread of projects, to lessen rising incidences of rural poverty.

“The multi-dimensional poverty report which revealed 133 million Nigerians are multi-dimensionally poor was produced in partnership with the states and federal government.

“We are still lagging behind on rural poverty. It will take the media to get the conversation going till we get it right by keeping these issues at the front burner at both state and local government levels,” he added.

The winning startups of the Global Women’s HealthTech Awards selected by a panel of industry experts include Antiva Biosciences, InnAccel, NIRAMAI, and UE LifeSciences.

Attracting over 70 companies from 35 countries, the Global Women’s HealthTech Awards included the submission of innovative products and services under three categories: reproductive health and pregnancy, general women’s and adolescent health, and women safety and security.

“These startups are using technology to help women in developing countries live longer and healthier lives,” said Makhtar Diop, IFC’s managing director. “They’re at the cutting edge of a growing market focused on women’s health that has the potential to reach almost $10 billion by 2024.”

Karen Chupka, EVP, CES, Consumer Technology Association (CTA), announced the winning startups during the opening session of CES2022, one of the most influential tech events in the world. 

“The winners announced today are providing innovative solutions that are making a difference in solving some of the most pressing challenges in healthcare and will help improve the health and well-being of women in developing countries,” said Karen Chupka.

New technology can play a key role in addressing some of the most pressing health challenges for women, including access to maternal care, reproductive care, and high-quality diagnostic tests and screening. Tech innovations can be particularly impactful in emerging markets, where women often face a lack of adequate resources and tailored solutions. 

For instance, according to the World Health Organisation (WHO), 94 percent of all maternal deaths occur in low and lower-middle-income countries, mostly due to poor access to quality health services, while limited access to diagnostic centres and tools for early detection results in lower survival rates for breast cancer.