President Bola Tinubu on Thursday emphasized that Africa should be seen as a continent capable of aiding global growth, rather than being perceived as backward and unstable with leadership issues. He made this assertion during a meeting with a delegation from the International Finance Corporation (IFC), a member of the World Bank Group, led by its Managing Director, Mr. Makhtar Diop, at the Presidential Villa in Abuja.<\/p>\n
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Tinubu urged international development financiers to consider Africa as a destination for growth and prosperity, advocating for strategic investments in agriculture, infrastructure, research, and development on the continent.<\/p>\n
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\u201cThe IFC and the World Bank need to see Africa differently. I am glad an African is at the helm of affairs at IFC, and as an African, understands that the potential for growth, peace, stability, and prosperity is here,\u201d Tinubu stated. He emphasized the need to change global perceptions of Africa, viewing it as an opportunity rather than a danger to the rest of the world.<\/p>\n
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Tinubu highlighted the readiness of Africa to collaborate with global partners to drive growth and inclusiveness. He stressed the importance of changing the narrative about Africa and promoting the continent as a hub for business and prosperity.<\/p>\n
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Nigeria holds the second-largest IFC portfolio in Africa, with an active investment portfolio of $2.1 billion as of April 2024. Tinubu underlined the significance of critical infrastructure projects such as the 700km Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway. He pointed out the need for investments in rural infrastructure to improve living conditions and expedite transportation of crops to consumer centers.<\/p>\n
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Diop informed the President about productive discussions with Nigerian partners aimed at enhancing agriculture, increasing food production through irrigation farming, upgrading transport networks, and bolstering regional integration. He announced a $23.3 million loan agreement with Johnvents Industries Limited to develop Nigeria\u2019s cocoa sector.<\/p>\n
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\u201cWe are supporting small and medium enterprises in the agricultural sector, and they are doing very interesting things. We need to bring in more big players into food production in the country,\u201d Diop said. He expressed IFC\u2019s readiness to partner with the Nigerian government on new investments in irrigation, road infrastructure, and logistics around the airport under a Public Private Partnership.<\/p>\n
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Diop congratulated President Tinubu on his one year in office and commended his bold decisions to revamp Africa\u2019s largest economy. He pledged IFC\u2019s long-term commitment to investment in Nigeria, noting that its single largest investment in Africa is in Nigeria\u2019s fertilizer industry, where it has invested $1.2 billion.<\/p>\n
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\u201cWe are here to support you. The world has been facing a lot of shocks and difficult situations which have affected many African economies,\u201d Diop concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
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