Nigeria secures $1.25 billion funding from World Bank to drive economic overhaul, attract investment, and create employment opportunities

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By Yinka Kolawole, with agency report

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The World Bank has approved a fresh $1.25 billion financing package for Nigeria to support ongoing economic reforms, stimulate private investment and accelerate job creation.

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The funding, approved under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme, forms a key component of the World Bank’s new Country Partnership Framework (CPF) for Nigeria covering the period from 2026 to 2032.

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Announcing the approval on Wednesday, the World Bank said the financing would support reforms aimed at removing barriers to private sector investment, improving competitiveness and laying the foundation for faster and more inclusive economic growth.

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According to the bank, the programme will support reforms in capital markets, digital economy regulation, power sector expansion, trade liberalisation under the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), agricultural input systems and domestic revenue mobilisation.

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The World Bank said the initiative is expected 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 about 9.5 million farmers.

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It added that the six-year Country Partnership Framework would guide its engagement with Nigeria, with a strong focus on mobilising private capital, strengthening economic resilience and creating productive jobs.

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The World Bank Country Director for Nigeria, Mathew Verghis, said the framework builds on Nigeria’s recent macroeconomic reforms, which have strengthened economic growth, improved public revenues and restored investor confidence.

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He, however, stressed that sustaining the country’s reform momentum would be critical to unlocking its full economic potential.

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“The new Country Partnership Framework supports Nigeria’s ambition to create more and better jobs by unlocking private investment and expanding opportunities for millions of Nigerians,” Verghis said.

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According to the World Bank, the framework aligns with Nigeria’s development priorities by supporting investments in infrastructure, human capital, digital connectivity and agricultural productivity to drive long-term, private sector-led economic growth.

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