The Federal Government has initiated discussions with the International Finance Corporation (IFC), a member of the World Bank Group, to develop policies aimed at leveraging Nigeria’s capital market and other financial avenues for infrastructure development through Public-Private Partnerships (PPP).
The Infrastructure Concession Regulatory Commission (ICRC) held a meeting with a World Bank delegation on a fact-finding mission to explore strategies for unlocking the capital market’s potential in financing infrastructure projects in Nigeria.
A statement issued by the Acting Head of Media and Publicity, Ifeanyi Nwoko, on Sunday in Abuja, confirmed the development.
During the meeting, ICRC Director General, Dr. Jobson Ewalefoh, emphasized the significance of the engagement, stating that alternative financing solutions—such as capital market funding for PPPs—are central to his policy agenda for innovative financing.
Speaking after the technical session, Ewalefoh highlighted the critical role of funding in infrastructure development, stressing that unlocking the capital market would be a major breakthrough.
“The World Bank and IFC visited to assess how we can utilize the capital market for infrastructure funding. We discussed the available opportunities, challenges, and the importance of accessing the substantial funds in the capital market for infrastructure projects,” he explained.
Ewalefoh noted that while Nigeria’s infrastructure projects are viable, investors remain cautious due to certain risks and a lack of adequate information on investment opportunities. He urged the World Bank to enhance its support for Nigerian government agencies by providing funding and capacity-building initiatives to develop more eligible projects.
He also reiterated the ICRC’s commitment to advancing the PPP agenda in line with President Bola Ahmed Tinubu’s directive, streamlining processes to accelerate the execution of infrastructure projects under PPP arrangements.
Patricia Canziani, the head of the World Bank delegation, explained that the visit aimed to introduce the Joint Capital Markets Programme (J-CAP) in Nigeria, a framework already implemented in 20 countries worldwide.
“The purpose of our visit is to introduce the J-CAP programme and collaborate with stakeholders to identify ways to support the development of Nigeria’s capital market,” Canziani stated.
She highlighted that Nigeria’s capital market already offers various financial instruments, but there is room for expansion. She encouraged the ICRC to work with other stakeholders to develop new financial products that would attract investors and boost confidence in Nigeria’s infrastructure sector.
Canziani further noted that international investors have shown interest in Nigeria, but much of this potential remains untapped.
The World Bank IFC’s engagement with the ICRC is part of a broader series of meetings with key public and private stakeholders aimed at strengthening infrastructure financing through capital market mechanisms.
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