*IFC pledges support for  Nigeria’ power, airport infrastructure 

*Bill Gates Foundation to close USAID funding gaps in Nigeria

*US signals investment interest in Nigeria- Morocco pipeline

*State Department describes Nigeria ‘an economic miracle’ 

By Babajide Komolafe & Emma Ujah, Washington DC

The Minister of Finance and Coordinating Minister for the Economy has said that widespread appreciation for the reforms efforts of the federal government has triggered global appetite for investment in Nigeria, with the International Finance Corporation, IFC, pledging  to invest in Nigeria’s power, airport and logistics support.

This is one of the highlights of the meeting of the IFC with the Nigerian delegation to the Spring Meetings of the World Bank and the International Monetary Fund, IMF in Washington DC led by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The Minister disclosed this at the final press briefing on the participation of the Nigerian delegation at the Springs meetings.

Edun also disclosed that the Bill Gates Foundation has indicated interest in closing some of the funding gaps occasioned by the retrenchment of the United States Agency for International Development, US AID.

Meanwhile the US State Department has described Nigeria as an economic miracle, commending the recent reform efforts of the Federal Government.

The Minister said: “The delegation had bilateral meetings with the President of the WBG and IMF where the Leadership expressed strong support for the Nigerian Government’s commitment to the ongoing reforms and encouraged Nigeria to remain focused and avoid complacency in undertaking structural (regulatory) reforms. In particular, the WBG President expressed support for Agric Business, Health, Tourism & Hospitality Sectors of the Nigerian economy

“The delegation also met with the MD/CEO of the IFC, who pledged the support of IFC in the M300 initiative as well as in the Airport and logistics sectors of the Nigerian economy.

“The delegation had discussion with Leadership of EBRD which expressed strong support for the Nigerian Private sector and I invited he EBRD to invest in the ongoing initiatives of FGN aimed at promoting infrastructure development of PPPs as exemplified by the Asaba – Benin road project. I advised them that apart from the Tourism & Hospitality, agriculture, there are well over 5000 kilometers of road awaiting such PPP arrangements.

“We also met with Gates Foundation, and they showed interest in working with Nigeria to close some of the funding gaps occasioned by the retrenchment of USAID & to provide technical assistance.

“A high-level meeting was held between the Honourable Minister of Finance, the CBN Governor, and the Director of International Economic Relations, with representatives from the U.S. State Department. The U.S. emphasized the importance of continued engagement to showcase 

Nigeria’s ongoing economic reforms and attract investor confidence.

“Key areas of interest includes U.S. interest in investments in Nigeria’s Natural gas sector particularly theNigeria-Morocco Gas Pipeline given the country’s vast gas reserves. Discussions also highlighted opportunities in infrastructure, especially digital connectivity, where U.S.-led transatlantic fiber optic projects could indirectly benefit Nigeria and support broader digital development goals.

“Agriculture was identified as another strategic sector for collaboration, with the U.S. expressing interest in supporting Nigeria’s efforts to boost productivity, enhance value chains, and strengthen food security through investment and technical cooperation.

“Nigeria’s reform efforts are strongly appreciated by the international community as the most credible way to economic prosperity. In-fact the US State Department described Nigeria’s reforms as an economic miracle.

“There is strong global appetite for investments in Nigeria and IFC’s continuing investment in Nigeria will be a strong signal for many more to come for the Nigerian Private Sector.”