The World Bank has announced plans to introduce its Joint Capital Markets Programme (J-CAP) in Nigeria to enhance infrastructure financing.

This was disclosed by Patricia Canziani, Global Head of Capital Markets and Housing at the International Finance Corporation (IFC), a subsidiary of the World Bank Group. Canziani made the revelation while leading a World Bank delegation to a meeting with the Infrastructure Concession Regulatory Commission (ICRC) in Abuja.

J-CAP is a World Bank initiative designed to strengthen capital markets in developing economies, with a focus on mobilizing funds for key sectors such as infrastructure, housing, and agriculture.

Enhancing Nigeria’s Capital Market

According to a statement by Ifeanyi Nwoko, Acting Head of Media and Publicity at the ICRC, the discussions centered on unlocking the potential of Nigeria’s capital market for infrastructure development.

Canziani highlighted that the World Bank aims to work closely with Nigerian stakeholders to identify ways to support capital market growth. She noted that Nigeria has untapped opportunities for international investors in its capital market.

“The purpose of our visit is to introduce the J-CAP programme, which has been implemented in 20 countries worldwide. We are here to explore ways of developing the Nigerian capital market and supporting new financial products,” Canziani said.

She emphasized that capital markets play a crucial role in funding Public-Private Partnerships (PPPs) and commended the ICRC for its role in PPP regulation. She further urged collaboration among key players to enhance investor confidence.

ICRC’s Perspective on Capital Market Development

Speaking at the meeting, ICRC Director-General, Jobson Ewalefoh, described the delegation’s visit as a potential game-changer for Nigeria’s infrastructure financing landscape.

Ewalefoh stressed the need for alternative financing options, stating that capital market funding for PPPs is a key part of his innovative financing policy agenda.

“Infrastructure financing relies heavily on funding, and unlocking Nigeria’s capital market is a critical milestone,” Ewalefoh said.

He noted that discussions covered opportunities, challenges, and access to capital market funds for infrastructure projects. While project viability was not a major concern, investors still face risks and lack of adequate information about Nigeria’s investment potential.

To address these concerns, Ewalefoh called on the World Bank to increase its support for Nigerian government agencies through funding and capacity-building initiatives, ensuring more projects qualify for investment.