World Bank Approves $1.25bn Financing for Nigeria Amid New Six-Year Growth Strategy

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The World Bank has approved a whopping $1.25 billion in development financing for Nigeria to accelerate economic growth and create jobs. This massive sum forms part of a new six-year growth strategy endorsed by the World Bank alongside reforms aimed at deepening Nigeria's capital markets, modernising the regulatory framework for the digital economy and e-governance, expanding energy access, and strengthening the country's investment climate.

The new six-year growth strategy outlined by the World Bank aims to create more and better jobs at scale by unlocking private sector-led growth. This framework is a part of the World Bank's broader support package for Nigeria, combining policy-based lending with investments in energy, digital infrastructure, agriculture, private-sector development, and social protection.

According to Mathew Verghis, the World Bank Country Director for Nigeria, the partnership will translate recent economic reforms into broader employment opportunities. Verghis stated that translating improved macroeconomic conditions into better living standards will require addressing the structural constraints to spur private sector investment and job creation.

The World Bank has also approved the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing (DPF) operation, which supports Nigeria's transition toward a more inclusive growth model that spurs growth and creates jobs. This DPF operation will support a package of government reforms to improve growth and competitiveness.

The programme will also reduce trade barriers in line with the country's commitments under the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), improve access to quality agricultural seeds, and strengthen domestic revenue mobilisation.

Under the framework, the bank aims to expand electricity access to 32 million Nigerians, provide broadband connectivity to 58 million people, and improve health and nutrition services for 40 million citizens.

“The World Bank Group has endorsed a new Country Partnership Framework (CPF) for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector-led growth,” said Dahlia Khalifa, IFC Divisional Director for Nigeria.

The World Bank said it will support 9.5 million farmers by increasing agricultural productivity and improving access to quality agricultural inputs. The programme also seeks to strengthen human capital while expanding access to energy and digital infrastructure

Nigeria's long-term growth potential will be shaped by the economy's ability to attract investment, raise productivity, and unleash private sector job creation, building on the capital of a rapidly growing population, said Dahlia Khalifa, IFC Divisional Director for Nigeria.