By Ukumbi Afrika The World Bank Group has approved a new seven-year partnership framework and a US$1.25 billion financing package for Nigeria, aimed at stimulating private sector-led growth, expanding infrastructure and creating millions of jobs through targeted economic reforms.
The World Bank Group has approved a comprehensive 2026–2032 Country Partnership Framework (CPF) for Nigeria, accompanied by a US$1.25 billion financing package designed to accelerate economic transformation through private sector investment, infrastructure development and human capital expansion.
The new strategy seeks to build on Nigeria’s recent macroeconomic reforms by supporting sustainable growth, increasing employment opportunities and improving access to essential services across key sectors of the economy.
According to the World Bank, the framework prioritises policies that encourage private investment while addressing long-standing structural challenges that have constrained productivity, competitiveness and inclusive economic growth.
The programme aims to significantly expand access to critical infrastructure and public services. By 2032, it is expected to provide electricity access for approximately 32 million people, extend broadband connectivity to 58 million Nigerians, improve health and nutrition services for 40 million people, and support 9.5 million farmers through enhanced agricultural programmes.
The financing package will also support reforms to deepen Nigeria’s capital markets, modernise digital economy regulations, expand rural and urban electrification, facilitate regional trade, improve agricultural productivity and strengthen domestic revenue mobilisation.
World Bank officials said unlocking greater private sector participation remains central to achieving long-term economic growth. The strategy combines policy reforms, investment guarantees and institutional support to improve the investment climate and encourage greater domestic and international capital flows into productive sectors.
The framework aligns with Nigeria’s broader ambition to diversify its economy, reduce poverty and build greater resilience against global economic shocks while creating opportunities for a rapidly growing population.
Driving Inclusive Growth
The new partnership places particular emphasis on sectors with high employment potential, including agriculture, energy, digital technology and infrastructure development.
Expanding reliable electricity supply and broadband connectivity is expected to improve business productivity, encourage entrepreneurship and support innovation, while investments in agriculture aim to strengthen food security, increase rural incomes and improve the resilience of farming communities.
By combining structural reforms with targeted investments, the World Bank believes Nigeria can build a more competitive economy capable of attracting sustained private investment and delivering broader improvements in living standards.
Why It Matters
As Africa’s largest economy and most populous nation, Nigeria’s economic performance has significant implications for the continent. The World Bank’s long-term commitment signals continued international confidence in Nigeria’s reform agenda and underscores the importance of private sector-led growth in creating jobs, reducing poverty and driving sustainable development. Successful implementation of the programme could also strengthen Nigeria’s position as a regional investment destination while accelerating progress towards greater economic diversification and digital transformation.
Source: Reuters
Reporting: MacDonald Dzirutwe.
Writing: Chijioke Ohuocha.
Editing: Louise Heavens.