The Federal Government, through the Federal Ministry of Budget and Economic Planning, has signed a cooperation agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to enhance project preparation, mobilise private capital, and speed up the delivery of bankable infrastructure projects vital to Nigeria’s economic transformation.

The signing ceremony, held in Abuja on Tuesday, was attended by the Minister of Budget and Economic Planning, Abubakar Bagudu; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Health and Coordinating Minister of Social Welfare, Dr Ali Pate; senior government officials and top executives of the World Bank Group.
Speaking at the event, Bagudu described the agreement as a strategic move towards ensuring that Nigeria’s extensive infrastructure needs are met with well-prepared, investment-ready projects capable of attracting private capital.
He observed that Nigeria’s experience with early mobile telephony investments — where initial investors struggled to envisage a market of 500,000 subscribers compared to today’s digital economy of over 100 million users — clearly demonstrated the country’s vast absorptive capacity.

“Nigeria is a country brimming with opportunities. With a population of over 230 million, our needs in rail, energy, water security, healthcare and digital infrastructure are extensive. This agreement aims to ensure that we prepare projects adequately so investors can have confidence and clarity on where to allocate capital,” the minister said.
Bagudu emphasised that the agreement aligned with President Bola Ahmed Tinubu’s reform agenda, which has prioritised bold and sometimes difficult policy choices to stabilise the macroeconomic environment, ensure predictability and attract private sector investment.
He added that Nigeria’s Agenda 2050 and constitutional framework established the country as a market-driven economy where leadership from the private sector, supported by public policy, is vital for growth and development.

Vice President for Africa, the IFC, Ethiopis Tafara, described the agreement as a product of a year of close collaboration and a shared vision for Nigeria’s future.
“This is not just about signing a document. It is about establishing the groundwork for transformative projects aligned with President Tinubu’s Renewed Hope Agenda—initiatives that generate employment, attract investment and enhance lives,” Tafara said.
He stated that the agreement will strengthen budget and project preparation by facilitating the identification, structuring, and delivery of high-impact, investment-ready projects across key sectors.

“This effort is further supported by World Bank Group financing and guarantee instruments that assist both federal and state governments. Nigeria’s infrastructure gap cannot be closed by public budgets alone. Public-private partnerships are not optional; they are vital. IFC is ready to assist the government in developing a credible pipeline of projects across transport, energy, digital infrastructure, water and other priority sectors,” he added.