World Bank Targets $5.79bn Investment in Nigeria to Create 850,000 Jobs, Names Sectors to Benefit
- The World Bank is targeting $5.79 billion in private-sector financing for Nigeria to support economic growth and job creation
- Its FINCLUDE programme aims to attract $1.89 billion to support over 250,000 small businesses and create about 850,000 jobs
- The bank’s digital project also aims to provide broadband access to 58 million more Nigerians by 2030 and attract up to $1.1 billion in private investment
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The World Bank Group is targeting $5.79 billion in private-sector financing for Nigeria, with a major initiative expected to create about 850,000 direct and indirect jobs.
The investment drive covers agriculture, digital infrastructure, telecommunications and small businesses, according to a report titled Unlocking $5.79 Billion in Private Financing.
Source: UGC
The global lender said the strategy combines policy reforms, commercial investments and measures to reduce investment risks to attract private capital into sectors critical to Nigeria’s economic development.
The announcement comes as the World Bank introduces a new platform to attract funding, technical expertise and partnerships from philanthropic organisations to address poverty and improve living conditions globally.
However, the $5.79 billion target represents financing already mobilised and investments expected from ongoing programmes. It is not a newly approved loan or grant to the Federal Government.
World Bank targets MSMEs with $1.89bn financing plan
A major part of the initiative is the Fostering Inclusive Finance for Micro, Small and Medium Enterprises in Nigeria (FINCLUDE) programme, which aims to attract nearly $1.89 billion in private financing and support approximately 850,000 direct and indirect jobs.
The programme is designed to improve access to finance for more than 250,000 micro, small and medium-sized enterprises (MSMEs), particularly those operating in sectors with strong employment potential.
It includes a $500 million financing package supported by resources from the International Bank for Reconstruction and Development and the International Development Association, two institutions within the World Bank Group.
The initiative also seeks to expand funding opportunities for women entrepreneurs, with at least 30% of the financing expected to reach women-owned businesses.
Improved access to capital is expected to help small businesses expand their operations, create employment opportunities and contribute to economic growth.
Digital project targets 58 million additional Nigerians
The World Bank's Building Resilient Digital Infrastructure for Growth (BRIDGE) Project is another key component of the investment strategy.
The initiative aims to extend affordable broadband access to an additional 58 million Nigerians by 2030, increasing the population covered from 92 million in 2025 to 150 million.
The project is expected to attract at least $156 million in private equity during its first round of investor selection. Further investment rounds could unlock up to $1.1 billion by 2030.
Source: UGC
Beyond expanding internet access, the programme plans to connect 38,800 public schools, 16,900 health facilities and 3,400 local government offices to broadband services.
It is also projected to benefit an additional 42 million young people and 15 million women.
The World Bank's broader financing strategy seeks to use private investment alongside policy reforms and risk-sharing arrangements to support business growth, expand digital connectivity and create economic opportunities across Nigeria.
Source: Legit.ng
