Nigeria’s telecommunications, agriculture and small-business sectors are expected to benefit from a major private investment drive as the World Bank Group moves to mobilise up to $5.79 billion to support economic growth.
The initiative, detailed in a report released on Sunday titled “Unlocking $5.79 Billion in Private Financing,” seeks to attract commercial capital into projects capable of improving infrastructure, increasing productivity and generating employment.
Rather than providing a fresh loan or grant, the financing arrangement combines investments already secured with additional funding expected from private investors.
The World Bank explained that economic reforms introduced in Nigeria since mid-2023, particularly in foreign-exchange management and public finance, had contributed to improving investment conditions.
It identified the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) as key institutions supporting the initiative through commercial financing, investment arrangements and guarantees designed to reduce investor risks.
Digital infrastructure represents a major component of the programme.
Through the Building Resilient Digital Infrastructure for Growth (BRIDGE) Project, the bank expects an initial $156 million in private equity investment, with subsequent financing potentially reaching $1.1 billion by 2030.
The project aims to expand affordable broadband access from 92 million Nigerians in 2025 to approximately 150 million by 2030.
It is also expected to connect 38,800 public schools, 16,900 healthcare facilities and 3,400 local government offices.
Another priority is improving access to finance for micro, small and medium enterprises.
Under the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) programme, nearly $1.89 billion in private capital could be mobilised to support more than 250,000 businesses.
The initiative, which includes a $500 million development financing package, is projected to support approximately 850,000 direct and indirect jobs.
Agriculture will also receive attention through investments targeting around one million smallholder farmers.
The Agricultural Value Chains for Growth Project is expected to attract $220 million from agribusiness companies and another $22 million from certified seed producers.
Meanwhile, IFC-supported financing arrangements have mobilised $1.02 billion for Dangote Industries Limited and $282.5 million for Indorama Fertilizer to strengthen domestic fertiliser production.
These investments could improve access to agricultural inputs for more than 10 million smallholder farmers.
In telecommunications, the bank highlighted IFC’s participation in a $1.2 billion IHS Towers bond issuance, which attracted over $1.1 billion from private investors.
The World Bank maintained that combining policy reforms with private-sector financing could help Nigeria address infrastructure gaps and stimulate sustainable economic activity.
However, it emphasised that the programme’s success would ultimately depend on measurable improvements in job creation, business expansion, digital connectivity and agricultural productivity.
