The International Finance Cooperation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing.

According to a statement by CBN’s Acting Director, Corporate Communications Department, the agreement is to enable private businesses in Nigeria to grow and thrive.

Sidi-Ali said that IFC aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing more than one billion dollars in the coming years.

She said that those priority sectors included agriculture, housing, infrastructure, energy, small and medium enterprises and the creative and youth economy.

“Many of these sectors require local currency financing, and IFC’s partnership with the CBN is a key tool in expanding access,” she said.

“The partnership will allow IFC to manage currency risks and increase its investment in the Nigerian Naira across priority sectors of the economy,” she said.

Meanwhile, the CBN Governor, Yemi Cardoso, said that this pioneering initiative would unlock much-needed long-term local currency financing for private businesses in Nigeria at economically viable rates.

“This collaboration marks significant progress in the
CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programmes.

” It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification,” he said.

According to Makhtar Diop, IFC Managing Director, expanding access to affordable local currency financing for small businesses in Nigeria is
essential for IFC to address the increasing demand for diverse funding options and to better manage currency risk.

“Our partnership with the CBN will enhance lending in Nigerian Naira, fostering economic growth and creating jobs across the country,” he said.

Diop said that with an active portfolio of investments in Nigeria of up to 2.13 billion dollars —the second highest in Africa—local currency financing is a key priority for IFC.

He said that the corporation would continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets.

The News Agency of Nigeria (NAN) reports that the IFC is the largest global development institution focused on the private sector in emerging markets.

It work in more than 100 countries, using its capital,
expertise, and influence to create markets and opportunities in developing countries.

In fiscal year 2024, IFC committed a record 56 billion dollars to private companies and financial institutions in developing countries.

It leverages on private sector solutions and mobilising private capital to create a world free of poverty on a livable planet.

The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.

The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.

Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.

He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.

“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.

“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.

“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.

“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.

According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.

“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.

“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.

“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.

“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.

The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.

Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.

He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.

The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.

The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.

Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.

He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.

“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.

“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.

“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.

“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.

According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.

“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.

“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.

“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.

“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.

The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.

Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.

He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.

Rep. Donatus Mathew (LP – Kaduna), representing Kaura Federal Constituency in the National Assembly, has distributed about 50 motorcycles to constituents as part of his economic empowerment programmes.

Mathews disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Tuesday.

He explained that the measure was to enable the beneficiaries to navigate through the current economic hardship being experienced across the country.

He identified some of the beneficiaries as mostly farmers, youths and other indigent constituents in dire need of sustainable means of livelihood.

“I have been living among my people in the village, so to some extent, I know some of their basic needs.

“We don’t have good roads to our farms; no good roads for economic activities to thrive, and no good roads to go to our markets.

“This made motorcycles a veritable means of transportation in rural communities,” he said.

The lawmaker added that the motorcycles would not only ease the movement of people but take farmers to their farms and enable them to evacuate their farm produce to their homes and markets.

For the unemployed youths in the local government area, Mathew said that the motorcycles would provide sustainable means of income and improve their standard of living.

“I am supporting the unemployed youth with motorcycles to have something to do.

“This will significantly cushion the effect of the present economic hardship being experienced in every part of the country,” he said.

He explained that 50 motorcycles were the first batch, adding that more would be procured and distributed to additional constituents.

Describing the gesture as “life-changing”, the lawmaker called on the constituents to embrace the Labour Party to enjoy more dividends of democracy.

He expressed the party’s commitment toward meeting the aspiration of the people through the implementation of various people-oriented programmes that impacted on the life of the common man.

One of the beneficiaries, Mr Amai Christopher, said that the gesture had already changed his life for the better.

Christopher, a 2018 graduate of Physical Health Education from Ahmadu Bello University, Zaria, told NAN that the motorcycle has turned his life around.

He said that motorcycles, selling for between N1.2 million and N1.3 million, were beyond the reach of a common man and thanked the lawmaker for the gesture.

“I have been without a job since graduation and had to rely on farming a small piece of land to survive.

“Even the farming was not fruitful due to lack of capital to go beyond subsistence farming.

“The motorcycle is not only assisting me with mobility to go to the farm, but also serving as a sustainable means of income as I use it to transport people and their goods to various locations.

“I am really grateful to Mr Donatus Mathew, whom we fondly call “Digester”, for turning my life around,” he said.