Nigeria Secures $1.25bn World Bank Funding to Boost Jobs, Investment and Economic Growth
- The World Bank has approved a $1.25 billion financing package to support economic reforms aimed at boosting investment, creating jobs and sustaining growth in Nigeria.
- The funding is part of the bank’s 2026–2032 Country Partnership Framework and will support reforms in the power, digital economy, agriculture, trade and revenue sectors.
- The programme is expected to expand electricity and broadband access, improve health services, support millions of farmers and encourage greater private sector investment.
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The World Bank has approved a $1.25 billion Development Policy Financing (DPF) package for Nigeria to support key economic reforms aimed at attracting private investment, creating jobs and sustaining long-term economic growth.
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The funding is part of the bank’s new Country Partnership Framework (CPF) for 2026–2032, a six-year strategy designed to help Nigeria unlock private sector-led growth, improve economic resilience and expand employment opportunities.
Funding to drive key economic reforms
In a statement issued on Wednesday, the World Bank said the financing will be channelled through the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme. The initiative will back reforms across several critical sectors, including capital markets, digital economy regulation, electricity, trade, agriculture and public revenue generation.
The programme will also support Nigeria’s implementation of regional trade agreements under the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), while promoting reforms to improve agricultural inputs and strengthen domestic revenue mobilisation.
According to the bank, the initiative is expected to expand electricity access to about 32 million Nigerians, provide broadband connectivity for 58 million people, improve health and nutrition services for 40 million citizens, and support 9.5 million farmers through enhanced agricultural productivity.
6-year partnership targets private sector growth
The World Bank said the new Country Partnership Framework will serve as the roadmap for its engagement with Nigeria over the next six years, focusing on tackling barriers that discourage private investment, improving economic stability and generating more productive jobs.
The framework is also aligned with Nigeria’s development priorities, with investments targeted at infrastructure, human capital development, digital connectivity and agriculture to promote inclusive and sustainable economic growth.
Structural reforms still needed, says World Bank
World Bank Country Director for Nigeria, Mathew Verghis, said the new strategy builds on recent macroeconomic reforms undertaken by the Nigerian government, noting that the measures have helped strengthen economic growth, increase government revenue and improve investor confidence.
However, he stressed that maintaining those gains would depend on addressing long-standing structural challenges that continue to limit private sector investment and business expansion.
“The new Country Partnership Framework supports Nigeria’s ambition to create more and better jobs by unlocking private investment and expanding opportunities for millions of Nigerians,” Verghis said.
The World Bank added that the combination of policy reforms and targeted investments under the CPF is expected to improve the business environment, enhance service delivery and lay the foundation for stronger, more inclusive economic growth over the coming years.
Source: Legit.ng
