The government is engaging in discussions with the International Finance Corporation, a branch of the World Bank Group, to explore utilizing the capital market and other funding options within Nigeria for infrastructure development through Public Private Partnership. This collaboration was the main focus of a meeting held between the Infrastructure Concession Regulatory Commission and a team from the World Bank on enhancing the capital market in Nigeria.
The Director General of the ICRC, Dr. Jobson Ewalefoh, emphasized the significance of the visit in potentially reshaping infrastructure development in Nigeria. He highlighted the importance of innovative financing policies, such as leveraging the capital market to fund PPP projects.
After the meeting, Ewalefoh stressed the critical role of funding in infrastructure development and the potential benefits of unlocking the capital market. He emphasized the need to attract investors based on project viability and bankability in Nigeria.
Addressing the challenges and opportunities related to infrastructure funding, Ewalefoh underscored the importance of support from global institutions like the World Bank in enhancing the capacity of Nigerian agencies to identify and implement viable projects.
The World Bank delegation leader, Patricia Canziani, outlined the purpose of their visit, which was to introduce the Joint Capital Markets Programme (J-CAP) in Nigeria. This program aims to collaborate with stakeholders to bolster the role of the capital market in funding PPP initiatives, leveraging existing products and exploring the development of new financial instruments.
Canziani praised the ICRC’s efforts in regulating PPPs and encouraged collaboration with other partners to introduce innovative products and enhance investor confidence. She noted the untapped interest from potential international investors in Nigeria’s market.
The visit of the World Bank IFC team to the ICRC is part of a series of engagements with key government and private sector stakeholders aligned with their objectives.