FG outlines new strategy as DFIs set to drive ₦246trn investment push through 2036
The Federal Ministry of Finance has announced that it will assume responsibility for development finance functions previously handled by the Central Bank of Nigeria (CBN), marking a major shift in Nigeria’s economic management framework.
The decision was disclosed in a statement issued on Thursday by the Minister of State for Finance, Doris Uzoka-Anite, who said the ministry will also develop comprehensive guidelines to implement a forward-looking development finance strategy.
According to the minister, development finance institutions (DFIs) will play a central and catalytic role in delivering Nigeria’s Growth Acceleration and Investment Mobilisation Strategy, particularly as the country seeks to unlock large-scale long-term capital.
₦246 Trillion Investment Target
Uzoka-Anite said Nigeria’s growth ambitions will require an estimated ₦246 trillion in long-term, patient capital through 2036, noting that DFIs are critical to de-risking priority sectors and mobilising private investment at scale.
“Given the scale of Nigeria’s growth ambition, the Federal Government recognises DFIs as essential partners in anchoring investor confidence and crowding in private capital across priority sectors,” she said.
She explained that DFIs provide long-tenor financing, concessional instruments, technical expertise, and risk-sharing mechanisms necessary to unlock investments where market gaps persist despite strong economic fundamentals.
Priority Sectors Identified
The minister listed key sectors expected to benefit from enhanced development finance support, including infrastructure, energy transition, agribusiness value chains, healthcare, climate-resilient industries, and digital public infrastructure.
She added that strengthening domestic DFIs would send a strong signal of policy seriousness and institutional capacity to both local and foreign investors.
Institutions such as the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM), she said, will anchor financing structures and risk-sharing frameworks across these priority areas.
Four Key Reform Areas for DFIs
Uzoka-Anite outlined four major areas the government will focus on to strengthen domestic DFIs:
- Improved capitalisation and stronger balance sheets to support larger transactions and longer-term financing
- Governance and mandate reforms, including stronger boards and performance-linked key performance indicators
- Enhanced risk-sharing and credit enhancement powers
- Closer alignment with the Ministry of Finance, including access to treasury support, sovereign guarantees, and policy-backed lending
Collaboration With Global Partners
The minister said the Finance Ministry will continue working closely with bilateral, multilateral, and regional DFIs to deploy risk-mitigating capital and attract domestic and international private investment through blended finance and co-investment structures.
She added that the government will also support project preparation to reduce delays, strengthen institutional capacity across ministries and sub-national governments, and align financing with climate resilience, financial inclusion, and sustainability goals.
“Nigeria’s reform momentum, policy clarity, and execution discipline provide a credible platform for DFIs to deploy capital at scale with confidence and measurable impact,” Uzoka-Anite said.
CBN Steps Back From Development Finance
The move formalises the CBN’s withdrawal from direct development finance interventions.
Following his appointment, CBN Governor Olayemi Cardoso announced that the apex bank would discontinue such interventions. In December 2023, the CBN suspended new loans under all existing development finance programmes and schemes.
The Federal Government said it remains committed to supporting DFI-led and DFI-backed initiatives aligned with national priorities, while maintaining policy consistency, coordination, and strong execution focus.
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