The International Finance Corporations (IFC) has invested about N60 billion of equity, convertible and loan financing in three Nigerian banks, namely, First Bank of Nigeria, First City Monument Bank and GT Bank.
IFC, a member of the World Bank group is supporting stronger financial institutions in the country so they can expand credit to Nigerian businesses and have a greater positive impact on the country’s future development. IFC more than doubled its existing exposure to Nigeria’s banking sector during 2010, a sign of confidence in banking reforms being led by the Central Bank of Nigeria (CBN).
Solomon Adegbie-Quaynor, IFC’s country manager for Nigeria, noted that banks operating in the country faced real challenges in the aftermath of the global financial crisis which began in 2008.
Adegbie-Quaynor, however, noted that as the year comes to an end, the banking sector is positioned for much stronger growth than a year ago.
BusinessWorld Intelligence can disclose that IFC has committed new investments, combined with advisory services, to help banks reach underserved segments such as infrastructure and Small and Medium Enterprises (SMEs).  
He assured that the corporation will continue to support Nigeria’s banking reforms and growth in 2011, through strengthening corporate governance and risk management in the banking system.  IFC had previously provided trade finance facilities, equity, and loans to other Nigerian banking clients, such as Access Bank, Diamond Bank, Ecobank, Stanbic-IBTC, UBA, and Zenith Bank. BusinessWorld intelligence can also disclose that IFC’s banking clients were not on the list of banks that CBN intervened in last year.
The long-term success of CBN banking sector reforms depends on policies to encourage rapid market demand for capital-intensive activities, such as commercially viable infrastructure projects. IFC is committed to financing power and transport infrastructure projects in Nigeria because they improve the competitiveness of the country’s smaller businesses, and spur growth and employment.