On Thursday, President Bola Tinubu stated that rather than being viewed as backward, unstable, and possessing issues with leadership, Africa should be considered as a region that can assist the rest of the world.
This was said by the President at a meeting at the Presidential Villa in Abuja with a group from the International Finance Corporation (IFC), a World Bank Group member, which was headed by Mr. Makhtar Diop, the organization’s managing director.
It is imperative that foreign development funders view Africa as a potential hub for growth and prosperity, he told the delegation.
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Additionally, Tinubu asked international investors to think about making more calculated bets on the continent’s infrastructure, agricultural, and R&D.
“The IFC and the World Bank need to see Africa differently. I am glad an African is at the helm of affairs at IFC, and as an African, understands that the potential for growth, peace, stability, and prosperity is here.
“The world has to see us as a continent that can help the rest of the world, and not perceive us as backwards, unstable, and with leadership problems.
“The expectations of the rest of the world on Africa have to change. By looking at Africa as a potential opportunity and not a danger to the rest of the free world, we can stimulate growth and propel inclusiveness.
“You are at the helm now and in a position to change the perception. We are ready to change the narrative and work with you. Africa is open for business, regardless of whatever the perception may be.
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“I am an African and proud to be and will maintain the strong position to collaborate with the rest of the world to see Africa as a destination for growth and prosperity,” the President told the IFC delegation led by the Senegal-born Managing Director.
President Tinubu acknowledged that Nigeria has the second-largest IFC portfolio in Africa, with an active investment portfolio of $2.1 billion as of April 2024. He also emphasised the significance of several important infrastructure projects that his administration has undertaken, including the Sokoto-Badagry Motorway and the 700-kilometer Lagos-Calabar Coastal Highway.
“We have made various attempts in the past to create dams, but issues with reticulation and irrigation remain. When we consider the living conditions in rural areas where crops are produced, how much funding is allocated for rural roads to expedite transportation to consumer centres?
“The goal of the coastal road and the Sokoto-Badagry Highway is to address this,” the President said.
During his working visit to Nigeria, Diop told the President in his remarks that the IFC had had fruitful discussions with Nigerian partners to improve agriculture, boost regional integration, update transportation networks, and raise food production through irrigation farming.
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He said that IFC has inked a $23.3 million loan deal with Johnvents Industries Limited, a major agribusiness for agricultural transformation and economic development, to expand the cocoa industry, demonstrating the organization’s long-term commitment to boosting agribusiness in Nigeria.
“We are supporting small and medium enterprises in the agricultural sector, and they are doing very interesting things. We need to bring in more big players into food production in the country,” the IFC Managing Director said.
According to Diop, the Corporation is prepared to work with the Nigerian government on additional Public-Private Partnership investments in road infrastructure, irrigation, and airport logistics.
He greeted President Tinubu on his first year in office and praised his audacious choices to revitalise the biggest economy in Africa.
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He reaffirmed IFC’s commitment to long-term investment in Nigeria and mentioned that the country currently hosts its single largest investment in Africa, with $1.2 billion spent in the fertiliser sector.
“We are here to support you. The world has been facing a lot of shocks and difficult situations which have affected many African economies,” Diop said.
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