The International Finance Corporation (IFC) is investing $70 million in five Nigerian companies to expand distributed renewable energy under Mission 300, an initiative aimed at providing electricity to 300 million Africans by 2030.
Nigeria’s Finance Minister, Wale Edun, announced this during the launch of the Country Private Sector Diagnostic (CPSD) by the World Bank Group in Abuja.
Edun highlighted IFC’s broader support for Nigeria’s private sector, including $1.2 billion for Indorama Fertilizer and $70 million for FCMB’s SME financing.
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He also noted economic reforms driving security improvements, increased oil production, and higher revenues, fostering a more stable investment climate.
While acknowledging challenges like inflation and rising living costs, he assured government efforts to boost food production, lower prices, and implement social safety programs with World Bank support.
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