The federal ministry of finance says it will take over the development finance quasi-fiscal responsibility of the Central Bank of Nigeria (CBN).
In a statement on Thursday, Doris Uzoka-Anite, the minister of state for finance, said the ministry will also develop a comprehensive guideline to implement a “go-forward” development finance strategy.
She said development finance institutions (DFIs) will play a critical and catalytic role in the successful execution of Nigeria’s growth acceleration and investment mobilisation strategy.
“Given the scale of Nigeria’s growth ambition and the need to crowd in long-term, patient capital estimated at ~ ₦246 trillion through 2036, the Federal Government recognizes DFIs as essential partners in de-risking priority sectors, anchoring private sector investor confidence, and mobilizing large volumes of private capital at scale,” the minister said.
According to Uzoka-Anite, DFIs offer long-tenor financing, concessional instruments, technical expertise, and the risk-sharing capacity required to unlock investment in sectors where market failures persist despite strong fundamentals.
The sectors, she said, include infrastructure, energy transition, agribusiness value chains, healthcare, climate-resilient industries, and digital public infrastructure.
The minister said strengthening Nigeria’s domestic DFIs will signal seriousness and capacity to investors, adding that institutions such as the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM) will anchor financing and risk-sharing frameworks across priority sectors.
Uzoka-Anite outlined four areas for strengthening domestic DFIs, including improved capitalisation and balance sheet strength to write larger transactions and longer tenors; and governance and mandate reforms with “stronger boards and performance-linked key performance indicators”.
Others include enhanced risk-sharing and credit enhancement powers, and closer alignment with the finance ministry to provide treasury support, sovereign guarantees, and policy-backed lending.
The minister said the ministry will continue to work closely with bilateral, multilateral, and regional DFIs to deploy risk-mitigating capital, mobilise domestic and international private investment through blended finance and co-investment structures, and support project preparation to shorten execution timelines.
Strengthen institutional and delivery capacity across ministries, departments, agencies, and sub-national governments, and align financing with climate resilience, financial inclusion, and sustainability objectives, consistent with global development standards,” she said.
“Nigeria’s reform momentum, policy clarity, and execution discipline provides a credible platform for DFIs to deploy capital at scale, with confidence, and measurable impact.”
The minister said the federal government remains committed to supporting DFI-led and DFI-supported initiatives aligned with national priorities, while maintaining policy consistency, institutional coordination, and the implementation focus required for successful delivery.
Following his appointment, Olayemi Cardoso, governor of the CBN, announced that the regulator would stop direct development finance interventions.
In December 2023, the apex bank suspended the application of new loans under any of its existing development intervention programmes and schemes.
