The financing drive is being supported by policy reforms, investment platforms, risk-sharing mechanisms and commercial financing aimed at removing barriers to investment and unlocking opportunities across critical sectors.
The initiative is also expected to strengthen food security, improve access to finance for small businesses, expand digital connectivity and create jobs, as the Federal Government intensifies efforts to improve the business environment and attract private investment.
“The World Bank supports reforms and projects that improve the investment environment and create viable opportunities. IFC complements this work by structuring investments, deploying its own capital, and bringing commercial lenders and institutional investors into those opportunities,” the institution said.
In agriculture, the World Bank Group highlighted financing arrangements for Dangote Industries Limited fertilizer production and Indorama Fertilizer, which it said were helping to expand domestic fertiliser production and improve access to agricultural inputs for more than 10 million smallholder farmers.
According to the institution, IFC helped mobilise $1.02 billion for Dangote through refinancing and financing from development institutions and commercial lenders, while $282.5 million was mobilised for Indorama through syndicated financing.