BOI, IFC partner on Abuja conference, exhibition hub development
Lagos, May 2026 (TBL Africa) Bank of Industry (BoI) and the International Finance Corporation (IFC) have signed a cooperation agreement to advance the development of the Abuja Conference and Exhibition Arena (ACE Arena) in Abuja.
The agreement was signed on the sidelines of meetings in Kigali, Rwanda, according to a statement issued on Sunday.
According to the statement, the planned facility, envisioned under a Public-Private Partnership (PPP) framework, is expected to comprise conference and exhibition halls, staging areas, hospitality, retail and cultural facilities.
It revealed that the project aimed to position Abuja as a leading destination for global conferences, exhibitions and business events in Africa.
Under the agreement, IFC, a member of the World Bank Group, would provide advisory services to BoI for the project’s early-stage preparation.
“The advisory services will include market, financial, environmental, legal and regulatory assessments to determine the project’s scope, infrastructure mix and financing framework,” the statement read.
Speaking on the partnership, the statement quoted the Managing Director of BoI, Dr Olasupo Olusi, who said ACE Arena represented a significant milestone in the bank’s collaboration with IFC.
Olusi said infrastructure projects of such scale had the potential to unlock economic opportunities for Nigeria and strengthen the country’s position as a destination for global business and cultural exchange.
“Our partnership with IFC spans several areas critical to Nigeria’s development, and the ACE Arena represents an exciting new frontier in that relationship.
“Infrastructure of this scale and ambition has the potential to unlock significant economic opportunity for Nigeria.
“We are confident that IFC’s expertise will ensure the project is structured to deliver transformative and long-term impact in line with BOI’s mandate,” he said.
Also, IFC Regional Director for Nigeria and Central Africa, Ms Dahlia Khalifa, said the initiative aligned with the World Bank Group’s Country Partnership Framework for Nigeria.
Khalifa said the project reflected the possibilities of collaboration between public institutions and the private sector in delivering infrastructure that generated sustainable economic value.
“Supporting Nigeria’s development agenda is a priority for the World Bank Group, and the ACE Arena demonstrates what becomes possible when public institutions and the private sector work together.
“We look forward to working with BoI to make that a reality for Abuja and for Nigeria,” she said.
According to the statement, the PPP structure is expected to attract private sector investment required for the project while ensuring international standards of quality and sustainability.
It added that the project was expected to boost tourism, create jobs and stimulate business activities through conferences, exhibitions and related hospitality services.
The statement noted that over the past five fiscal years, IFC committed 12.8 billion dollars in investments to the private sector, including 1.9 billion dollars in long-term financing and 10.9 billion dollars in short-term financing.
It added that IFC had also increased its infrastructure commitments across Africa from 1.5 billion dollars in 2020 to three billion dollars in the 2025 fiscal year.
