FG, World Bank explore capital market option to fund infrastructure

The Federal Government has opened conversations with the International Finance Corporation (IFC) – a member of the World Bank Group – on how to utilize the capital market and other available funding options within Nigeria to fund infrastructure development through Public Private Partnership (PPP). This was the focus of a meeting between the Infrastructure Concession […]

The Federal Government has opened conversations with the International Finance Corporation (IFC) – a member of the World Bank Group – on how to utilize the capital market and other available funding options within Nigeria to fund infrastructure development through Public Private Partnership (PPP).

This was the focus of a meeting between the Infrastructure Concession Regulatory Commission (ICRC) and the World Bank Team, who were on a fact finding mission on how to develop and unlock the capital market in Nigetia, a statement by Ifeanyi Nwoko, acting head, Media and Publicity of the Commission had said.

Speaking during the meeting, the Director General of the ICRC, Dr Jobson Oseodion Ewalefoh, said that the visit of the team was an important one that could redefine the space of infrastructure development in Nigeria.

He said that alternative finance options like unlocking the capital market to fund PPPs were at the heart of his innovative financing policy agenda.

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“The World Bank and IFC were here to see what we can do in unlocking the potentials of the capital market in funding infrastructure development. We delibrated on the opportunities, the challenges and the importance of having access to the huge fund available in the capital market to fund infrastructure”.

In her remarks, the leader of the World Bank delegation, Ms Patricia Canziani said that the essence of the meeting was to gather information that would enable the bank introduce its Joint Capital Markets Programme (J-CAP) in Nigeria.

She added that the Capital Market holds many opportunities for funding PPP as Nigerian Capital Market already has different products, noting that the Bank can support the development of newer products in the country