growing private sector interest. While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.
The Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees. She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.
Khalifa also pointed out that while direct job creation in the pharmaceutical sector may be lower compared to other industries, improved healthcare services would yield far-reaching economic benefits.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the IFC for its support across critical sectors, including agriculture, infrastructure, and pharmaceuticals. He highlighted key financing partnerships such as the $1.2 billion facility for Indorama’s fertilizer expansion in Eleme, investments in cocoa processing, and a $70 million SME financing initiative with First City Monument Bank.
He also acknowledged IFC’s latest commitment of $70 million to five Nigerian companies under the Distributive Access to Renewable Energy programme, part of the federal government’s broader Mission 300 initiative.
Edun said President Bola Tinubu’s administration has undertaken bold and necessary reforms that have reshaped Nigeria’s economic landscape. He noted that the removal of wasteful subsidies has strengthened government finances, while improved security has boosted oil production and revenue. He highlighted that private sector confidence is growing, with new investments beginning to materialize in response to the government’s policy changes.
The minister restated the administration’s commitment to addressing the cost-of-living crisis, particularly through increased food production and affordability measures. He acknowledged that reforms such as the removal of fuel subsidies and the adoption of market-based pricing mechanisms have led to short-term inflationary pressures. However, he assured that targeted interventions, including direct cash transfers to vulnerable citizens with World Bank support, will help mitigate the impact.
He insisted that the government remains determined to leverage technology to ensure swift, biometric-enabled assistance to those in need.