The Bank of Industry (BOI) and the International Finance Corporation (IFC) have entered into a partnership agreement to support the development of the Abuja Conference and Exhibition Arena (ACE Arena), a major infrastructure project expected to strengthen Nigeria’s business tourism sector.
The agreement was signed on the sidelines of meetings held in Kigali, Rwanda, according to a statement released on Sunday.
The proposed facility, which is being developed under a Public-Private Partnership (PPP) arrangement, is expected to include conference and exhibition halls, hospitality facilities, retail outlets, cultural centres and staging areas.
According to the statement, the project is designed to position Abuja as a leading destination for international conferences, exhibitions and large-scale business events in Africa.
Under the agreement, IFC, a member of the World Bank Group, would provide advisory support to BOI during the early stages of the project.
The advisory services would cover market studies, financial assessments, environmental evaluations as well as legal and regulatory reviews to determine the project’s scope and financing structure.
Speaking on the partnership, Managing Director of BOI, Dr Olasupo Olusi, described the ACE Arena project as another milestone in the institution’s collaboration with IFC.
Olusi said the development of world-class infrastructure would unlock significant economic opportunities and strengthen Nigeria’s profile as a hub for global business and cultural activities.
“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 speaking, 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 noted that the project reflected the importance of collaboration between public institutions and private investors in delivering sustainable infrastructure.
“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.
The statement explained that the PPP structure would help attract the private sector investment needed to deliver the project while ensuring international standards in quality and sustainability.
It added that the arena was expected to stimulate tourism, create employment opportunities and drive economic activities through conferences, exhibitions and hospitality services.
According to the statement, IFC committed about 12.8 billion dollars in investments to the private sector over the last five fiscal years.
The institution also disclosed that its infrastructure commitments across Africa increased from 1.5 billion dollars in 2020 to three billion dollars in the 2025 fiscal year.
