Lagos State has signed a Memorandum of Understanding (MoU) with a member of the World Bank Group, International Finance Corporation (IFC). The partnership is aimed at boosting the state’s revenue generation.
Akinyemi Ashade, the state Commissioner for Finance, said the partnership will also enhance the provision of infrastructure in the state.
“We welcome IFC’s support and are confident that signing this memorandum will translate into viable infrastructure projects, expertise building and better access to financing for the benefit of all Lagosians,” Ashade said.
The IFC’s Country Manager for Nigeria, Eme Essien, said the partnership was in line with the organisation’s programme, tagged, ‘IFC’s Cities Initiative,’ which was aimed at mobilising commercial financing for priority urban projects and connecting cities with capital markets.
Essien further stressed that the agency’s objective is to support Lagos State’s efforts to improve living conditions, expand and renew its infrastructure, and help reinforce Lagos’s position as an attractive investment destination – and by extension Nigeria’s position.
IFC’s roles in the partnership
Aside from boosting the state’s revenue generation and provision of infrastructure, the agency will also provide advisory services to Lagos to enhance infrastructure development in key areas, including power, education, health, environment and transport, with a special focus on the provision of electric buses.
The International Finance Corporation is an international financial institution that offers investment, advisory, and asset management services to encourage private-sector development in developing countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C.