The approval, announced on Wednesday, falls under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme and is part of the World Bank’s Country Partnership Framework (CPF) for Nigeria, covering 2026 to 2032.
According to the bank, the financing will support reforms to improve competitiveness, deepen capital markets, modernise regulations for the digital economy, strengthen power sector reforms, expand agricultural productivity and enhance domestic revenue mobilisation. The programme also seeks to reduce trade barriers in line with Nigeria’s commitments under ECOWAS and the African Continental Free Trade Area.
The approval follows public debate over Nigeria’s rising debt profile, with some Nigerians questioning the country’s continued reliance on external borrowing and calling for greater transparency in the use of previous World Bank loans.
Beyond the financing, the World Bank said the new partnership framework aims to expand electricity access to 32 million Nigerians, provide broadband connectivity to 58 million people, improve health and nutrition services for 40 million citizens and support 9.5 million farmers through higher agricultural productivity.
World Bank Country Director for Nigeria, Mathew Verghis, said recent macroeconomic reforms had helped stabilise the economy but stressed that sustained improvements in living standards would depend on addressing structural constraints to private investment and job creation.
The World Bank Group added that its private sector arms, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), will support the strategy by mobilising private capital, expanding infrastructure investment and providing guarantees to reduce investment risks.
The new framework reflects the World Bank’s continued focus on supporting Nigeria’s economic reforms while encouraging greater private sector participation to drive long-term growth and reduce poverty.
