The International Finance Corporation (IFC) has signed a partnership agreement with the Central Bank of Nigeria (CBN) to provide over $1 billion in local currency financing aimed at boosting the growth of private enterprises in Nigeria. This initiative is expected to manage currency risks and enhance investments in key sectors, including agriculture, housing, infrastructure, energy, small and medium enterprises, and the creative economy. IFC Managing Director Makhtar Diop emphasized the necessity of affordable local currency financing for small businesses to meet increasing demands and manage risks effectively. CBN Governor Olayemi Cardoso described the collaboration as a significant step towards delivering innovative development initiatives and advancing Nigeria’s economic diversification agenda. IFC's active investment portfolio in Nigeria stands at $2.13 billion, marking it as the second largest in Africa. Overall, this partnership is anticipated to catalyze economic growth and job creation across the country.