IFC invests in Nigerian firm

ABUJA – The World Bank’s private sector arm has granted a US$40 million loan to a Nigerian property development firm to help it meet rising demand for business infrastructure in Africa’s top oil producer, the International Finance Corp (IFC) said yesterday.

Global investors have been keen to invest in Nigeria, the world’s eighth biggest oil exporter, since outgoing President Olusegun Obasanjo’s administration embarked on a string of free market reforms, including the sale of key state assets, in 2003. UPDC Managing Director Stephen Mayaki noted Nigeria’s main cities are seeing improved commercial and residential facilities.”IFC is helping UPDC to contribute to improved business infrastructure by complementing new growth with facilities that cater to consumers who look for both value and convenience,” Mayaki said.Nampa-APUPDC Managing Director Stephen Mayaki noted Nigeria’s main cities are seeing improved commercial and residential facilities.”IFC is helping UPDC to contribute to improved business infrastructure by complementing new growth with facilities that cater to consumers who look for both value and convenience,” Mayaki said.Nampa-AP