Nigeria has secured a fresh $1.25 billion financing package from the World Bank Group as part of a broader seven-year development partnership designed to stimulate private sector growth, create jobs and sustain ongoing economic reforms.
The funding forms a key component of the World Bank’s new Country Partnership Framework (CPF) for Nigeria covering 2026 to 2032, a strategy aimed at translating recent economic gains into tangible improvements in the lives of millions of Nigerians.
Announcing the package, the World Bank said the initiative would focus on removing structural barriers that have historically hindered private investment, productivity and employment generation across the country.
The institution noted that although recent reforms have strengthened economic growth, increased government revenues and improved investor confidence, unemployment and limited job opportunities remain major concerns.
Under the new framework, the World Bank plans to expand electricity access to 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 agricultural interventions.
The package also includes the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing programme, which seeks to strengthen investment opportunities, improve competitiveness and encourage inclusive economic growth.
World Bank Country Director for Nigeria, Mathew Verghis, said job creation would remain at the heart of the institution’s engagement with the country.
According to him, recent macroeconomic reforms have helped stabilise Nigeria’s economy, but deeper structural changes are required to unlock the full potential of private-sector-led growth.
The financing will support reforms in critical sectors including energy, agriculture, digital infrastructure, capital markets and revenue mobilisation. It is also expected to facilitate trade by reducing barriers in line with Nigeria’s commitments under ECOWAS and the African Continental Free Trade Area.
The federal government has welcomed the initiative and pledged to deepen collaboration with the World Bank, particularly in water resource development and irrigation projects aimed at improving food security and creating employment opportunities.
Analysts say the partnership could play a significant role in helping Nigeria tackle unemployment while strengthening the foundations for long-term economic growth if effectively implemented.
