Nigeria has been rated sixth among the top 10 countries with the highest exposure to funds and support from the International Finance Corporation, which is a member of the World Bank Group, whose focus is on the private sector in emerging markets and developing economies.
This was contained in the IFC Annual Report 2021: Meeting the Moment.
As of June 30, India led the list of countries with a benefit of $6.91bn, accounting for 10.77 per cent of the global portfolio. China with a benefit of $4.75bn accounted for 7.40 per cent while Turkey with a benefit of $4.44bn accounted for 6.92 per cent.
Brazil was fourth with a benefit of $3.68bn, accounting for 5.75 per cent, while South Africa was fifth with a benefit of $2.49bn, accounting for 3.89 per cent.
Nigeria was sixth with a benefit of $2bn, accounting for 3.12 per cent, while Colombia was seventh with a benefit of $1.76bn, accounting for 2.75 per cent.
Vietnam was eighth with a benefit of $1.67bn, accounting for 2.60 per cent; Mexico was ninth with a benefit of $1.59bn, accounting for 2.48 per cent; and Indonesia was tenth with a benefit of $1.53bn, accounting for 2.38 per cent.
In the fiscal year 2021, IFC invested $31.5bn in total commitments, including $23.3bn in long-term finance and $8.2bn in short-term finance to private companies and financial institutions in emerging and developing economies, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
IFC has been supporting programmes in Nigeria, particularly in the private sector.
For instance, IFC has helped in the production of face masks and other personal protective equipment, the report stated.
