Nigeria's foremost development finance institution, the Bank of Industry and the International Finance Corporation signed a cooperation agreement to develop the Abuja Conference and Exhibition Arena, a planned world-class convention and exhibition complex aimed at boosting tourism, foreign investment and job creation in Nigeria’s capital.
The project, known as the ACE Arena, will be structured as a public-private partnership and will include conference and exhibition halls, hospitality, retail and cultural facilities. It is designed to position Abuja as a major destination for international events in Africa.
Under the agreement, IFC will provide advisory services to BOI for the project’s early-stage preparation, including market, financial, environmental, legal and regulatory assessments. The studies will help determine the project’s optimal scale, infrastructure mix and financing structure.
“Infrastructure of this scale and ambition has the potential to unlock significant economic opportunity for Nigeria,” Dr. Olasupo Olusi, managing director of BOI, said in a statement. “We are confident that IFC’s expertise will ensure the project is structured to deliver transformative, long-term impact.”
Dahlia Khalifa, IFC’s regional director for Nigeria and Central Africa, said the project illustrates the World Bank Group’s push to mobilise private capital for infrastructure in the country.
The PPP model is central to the project as African governments seek to attract private investment while funding much of their infrastructure from domestic resources.
Over the past five fiscal years, IFC has committed $12.8 billion to Nigeria’s private sector. Its infrastructure commitments in the region have doubled from $1.5 billion in 2020 to $3 billion in fiscal year 2025.
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