Nigeria’s SEC and the IFC forming firm partnerships - CNBC Africa

Nigeria’s SEC and the IFC forming firm partnerships

Western Africa

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“The breadth of our relationship with the SEC is all centred around a productive growth of the economy, creating jobs and is centred around proper financial intermediation, not only from debt capital markets but it also looks at equity capital markets,” Solomon Adegbie-Quaynor, Nigeria country manager for the International Finance Corporation (IFC), told CNBC Africa on Thursday.

He also asserted that there is a strong correlation between good corporate governance and sustainable profitability.

The IFC, a multilateral finance provider, is set to see investment in Nigeria rise to 2 billion dollars by 2014 as well as aid in improving the competitiveness of the country.

“In terms of the IFC and our programme in Nigeria, our year runs from July 1st to June 30th so our year ended with 1.5 billion dollars’ worth of investments, which span the financial sector, the agriculture sector, the telecoms sector and also the petrochemical sector,” Adegbie-Quaynor explained.

In terms of Nigeria’s short term future, the IFC will focus on power, agriculture, housing and, most importantly, SMEs.

“SMEs is really the ultimate aim because that’s the biggest producer of jobs in most countries and one of the biggest problems we have in Nigeria today is the lack of formal employment,” he said.

In the long term however, Adegbie-Quaynor believes that growing Nigeria’s middle class is a key factor in advancing the national landscape.  

“If I go beyond the near term, the growing urbanisation in Nigeria, which is currently at 50 per cent, is really going to anchor development of various consumer-related sectors whether it’s mortgages, whether it’s better products on the manufacturing and services side.”