What are the key factors of success for IFC’s new strategy in Nigeria?
IFC primarily finances private sector or public private partnership projects in emerging markets. In order for us to finance such projects, experienced private companies need to have committed to viable projects in these markets, including committing adequate risk capital. In other words, if the business environment does not attract experienced and committed private players, IFC is not able to support projects through financing instruments or advisory services. The most important success factor for any IFC country strategy is government commitment to reforms. The private sector will not commit to significant long-term investments without sustained government commitment to reforms to establish clear and transparent legal and regulatory frameworks and an improved business environment. Without such sustained government commitment, institutions such as the World Bank, DFID and the Africa Development Bank will not be able to properly support government reforms with expert advisory services.
