In Review - My first year as Regional Director based in Nigeria...

A year ago, I was appointed IFC - International Finance Corporation 's first Regional Director covering Central Africa and Anglophone West Africa, based in Lagos, #Nigeria. The position was created to support IFC’s growing commitment to private sector development in the subregion—and across the continent.

I am passionate about our work, whether I am engaging with government and private sector partners, building new partnerships, or promoting IFC's investment and advisory operations across the ten countries of the subregion I cover: #Cameroon, #CentralAfricaRepublic, Republic of #Congo, #Gabon, #Ghana, #Liberia, #Nigeria, #SierraLeone, #EquatorialGuinea, and #SaoTome & Principe.

Nigeria, an economic and cultural giant in Africa, serves as a central hub for IFC’s regional activities and plays a pivotal role in IFC's strategy on the continent. Reflecting on my first year based in vibrant and dynamic Nigeria, I would like to share three highlights, both professional and personal.

The Art and Food as a Cultural—and Economic—Marker

Visiting art galleries across the countries of Central and West Africa is a delight. Whether in Accra, Brazzaville, Lagos or Abuja, the art pieces are full of colors, creativity, and beauty, and often illustrate moments from the rich culture and diverse communities across the region. One of my favorite treats to myself is spending a weekend exploring the artistic treasures over the five floors of the amazing Nike Art Gallery in Lagos, where the art wonders dazzle the heart and mind.

I also enjoy the rich and diverse flavors of the cuisine across the region. An abundance of delicacies is made from staples like rice, potatoes, cassava, yams, and plantains. Jollof rice is a favorite across the region, and I enjoy Nigeria’s unique take on it, made with lightly smoked tomatoes and peppers. The spiced chicken kebabs, popularly called chicken suya, have quickly become one of my favorites too. It is interesting how Nigeria’s wide variety of food acts as a culinary identity of each of the country’s 250 ethnic groups.

Food is central to Nigerian culture—and so is agriculture, which plays a crucial role in the economy and contributes about a quarter of the country’s GDP. Foods sourced from Nigeria’s fertile farmlands, tropical forests, and its abundant fishing grounds showcase the richness of Nigeria’s agricultural sector.?

IFC supports agribusiness in all the 10 countries of the subregion with investments that help strengthen the entire value chain. IFC also supports sustainable farming practices, small agri-businesses, and local farmers. The potential to expand agribusiness and foods in Nigeria is boundless, as evidenced by the $18 million loan IFC provided to Robust International to source specialty crops such as cashews, ginger, and sesame in the country.

Remarkable Resilience and Innovation

Immediately after arriving in Nigeria, I was struck by the country’s entrepreneurial spirit. The country is home to an estimated 37 million micro, small, and medium-sized enterprises – and I don’t doubt it. Streets across Lagos and in other Nigerian cities bustle with business activity day and night. Within this robust entrepreneurial landscape, I've had the opportunity to engage with many local entrepreneurs here, and also speak with the heads of some of Nigeria’s leading companies, including Abdulsamad Rabiu, Founder of BUA Group, and Funke Opeke, Founder of MainOne.

MSMEs comprise almost 97 percent of all businesses in Nigeria, contribute almost half of the country’s gross domestic product, and account for nearly 90 percent of all jobs. This is why IFC is supporting them with both financing and advisory support.

For example, IFC provided Union Bank of Nigeria a $30 million loan in February 2023, allowing the bank to increase trade financing and working capital lending to hundreds of Nigerian businesses operating in critical sectors in the country, including food, healthcare, and manufacturing. IFC is currently providing over $1.6 billion financing to Nigerian banks, in addition to banks across the region. The financing is helping businesses preserve and create jobs, and access critical inputs.

Opportunities for Jobs Creation and Career Advancement

Nigerians demonstrate remarkable commitment to their work and professional goals. They tend to value and pursue education and skill developments, investing time and effort to acquire new knowledge and expertise to advance their careers—and for personal growth. Still, many lack access to the training opportunities they need to harness their potential.

With Nigeria having the largest population in Africa—and projected to have the fifth largest population in the world by 2026—women, who account for half of the population, remain severely underrepresented in the country's private sector. An IFC Gender Gap Assessment across company levels of the 30 most capitalized companies listed on the Nigerian Exchange Group (NGX Group) revealed that while women represent up to 33 percent of the workforce, they hold only 7 percent of CEO roles, and 20 percent of executive management roles. Yet, women play a crucial role in advancing innovation, founding startups, and making substantial contributions to business performance across various sectors including technology, fintech and the creative industries.

As part of our interventions in strengthening jobs and careers for more women, IFC’s flagship Nigeria2Equal program launched in 2021 in partnership with the Nigerian Exchange (NGX) as part of efforts to support Nigerian private sector companies to increase women’s participation in leadership, employment, and entrepreneurship. Over a two-and-a-half-year period, the program supported 18 companies that made over 180 commitments to?lower barriers for women from building capacity of women to ascend to corporate leadership, support working parents with family-friendly workplace policies and childcare, address issues such as sexual harassment and bullying in the workplace and implement gender-inclusive sourcing strategies to expand access to markets for women entrepreneurs. Collectively, these measures are making a significant impact, benefitting over 30,000 employees across genders.

In addition, in February 2023, a report by IFC, Coursera, and the European Commission highlighted the pivotal role of online platforms in supporting learners, particularly women, to access training relevant to employment and entrepreneurship opportunities. The report,?Women and Online Learning in Emerging Markets,?showed that one out of every three Nigerian women experience positive career outcomes after completing a training online. Nigerian learners rated the credibility of online learning the highest compared to learners from other countries in the study, highlighting Nigeria’s embrace of digital technology.

In general, Nigeria has embraced the digital age with a zest. The hundreds of digital startups, the imagination and innovation of home-grown payment systems, and e-commerce platforms is one of a kind in Africa. IFC is also actively contributing to the expansion of the digital economy in Africa. In November 2022, IFC launched a $225 million platform to strengthen venture capital ecosystems and invest in early-stage companies addressing development challenges through technological innovations in climate, health care, education, agriculture, e-commerce, and other sectors in other parts of the world including Africa. In Nigeria, IFC is supporting innovative technology companies, like Interswitch and TradeDepot, that are creating new opportunities and driving sustainable growth.?

I truly believe that Nigeria has immense opportunities for growth and development, backed by rich human and natural resources. With a rapidly growing urban population, Nigeria has the vibrancy to attract investment to its key sectors and remains a vital engine for progress across Africa.

As the largest economy in sub-Saharan Africa, the largest country exposure for IFC in Africa, and among IFC’s top ten globally, our commitment to supporting Nigeria's growth and fostering a lasting, positive impact remains unwavering.

If you have yet to visit Nigeria, you should. Nigeria is everything you imagine, from the arts to the food and street life to the vibrancy of the economy. I am delighted to live and work here and look forward to contributing more to the country and the broader subregion’s economic development.