The Federal Government has begun discussions with the International Finance Corporation (IFC), a member of the World Bank Group, on leveraging Nigeria’s capital market and other funding options to support infrastructure development through Public-Private Partnerships (PPPs).
This was the focus of a recent meeting between the Infrastructure Concession Regulatory Commission (ICRC) and a World Bank delegation, which visited Nigeria on a fact-finding mission to explore ways to unlock the capital market for infrastructure financing.
ICRC Director-General Dr. Jobson Ewalefoh described the visit as a crucial step toward redefining Nigeria’s infrastructure landscape. He emphasized that alternative financing models, such as capital market investments in PPPs, are central to his policy agenda.
“The World Bank and IFC came to assess how we can unlock the capital market’s potential for infrastructure funding. We discussed available opportunities, challenges, and the importance of accessing the significant funds within the capital market,” Ewalefoh stated.
He noted that while Nigeria offers bankable and viable investment opportunities, concerns over risks and lack of adequate investor information remain obstacles. He urged the World Bank to provide more support to Nigerian agencies through funding and capacity development to create a stronger pipeline of investment-ready projects.
Ewalefoh also highlighted the ICRC’s efforts to streamline PPP processes, aligning with President Bola Ahmed Tinubu’s directive to fast-track infrastructure delivery.
Patricia Canziani, who led the World Bank delegation, explained that their visit aimed to introduce the Joint Capital Markets Programme (J-CAP) in Nigeria. The initiative, already implemented in 20 countries, seeks to collaborate with local stakeholders to strengthen Nigeria’s capital market for infrastructure financing.
“The Nigerian capital market already offers various financial products, but we can support the development of new ones to facilitate PPP funding,” Canziani said.
She commended the ICRC’s regulatory role and urged greater collaboration among key stakeholders to enhance investor confidence and expand available financing options. She also noted that Nigeria has significant untapped investment interest from international investors.
The World Bank IFC’s visit to the ICRC is part of a broader engagement with government and private sector players, aimed at mobilizing capital market resources for infrastructure development.
