French development financier Proparco has reaffirmed its long-term commitment to Nigeria with a new wave of investments targeting agriculture, finance, and the creative industries, underscoring the private sector lender’s role in catalyzing growth in Africa’s most populous nation.
During a visit to Nigeria last week, Proparco Deputy CEO Djalal Khimdjee met with partners and emphasized the agency’s dedication to supporting the country’s economic priorities. “These investments reflect our determination to remain a committed, long-term partner for the country’s development, in alignment with government priorities,” the firm stated.
As part of its 2024 activity, Proparco outlined three core strategic pillars for its work in Nigeria:
Sustainable Industrialization and Agricultural Transformation: Under the European Union-backed FARM initiative, Proparco syndicated a $60 million loan to Valency International Pte Ltd. The financing supports the local processing of up to 15,000 tons of raw cashew nuts annually in Oyo State, expanding storage capacity, creating over 700 direct jobs, mostly for women, and facilitating entry into new agricultural value chains.
Strengthening the Financial Sector: To improve access to finance for Nigerian SMEs, Proparco partnered with First City Monument Bank (FCMB), deploying a loan and portfolio guarantee facility with a strong focus on women-led businesses.
Backing MSMEs and Creative Entrepreneurs: The agency committed $30 million to the Helios Sport & Entertainment Group fund and $5 million to LoftyInc Capital to support startups and high-impact ventures in Nigeria’s fast-growing tech and creative economy. Proparco also highlighted its investment in Moniepoint, one of the country’s fintech unicorns, as an example of “tech-driven solutions that serve millions.”
Nigeria, home to 235 million people and projected to become the world’s third most populous nation by 2050, remains a key market for Proparco’s operations in Africa.
As macroeconomic challenges persist, Proparco said it will continue to play a “countercyclical role,” supporting private sector-led development in alignment with government reform efforts.
