The World Bank has approved a fresh $1.25 billion financing package for Nigeria to support ongoing economic reforms, expand critical infrastructure, strengthen human capital development, and stimulate private sector-led growth.

The funding marks the official launch of the World Bank's Country Partnership Framework (CPF) for 2026–2032, a long-term development strategy aimed at promoting inclusive economic growth, reducing poverty, and creating sustainable employment opportunities across the country.

According to the World Bank, the financing will reinforce the Federal Government's macroeconomic stabilisation agenda by supporting key policy reforms designed to improve the business environment and attract private investment.

As part of the initiative, the bank will back reforms to accelerate the growth of Nigeria's digital economy, reduce cross-border trade barriers under the African Continental Free Trade Area (AfCFTA), and deepen domestic capital markets to unlock greater investment opportunities.

Infrastructure development remains a major pillar of the new partnership framework. The World Bank plans to connect approximately 32 million Nigerians to reliable electricity while expanding broadband internet access to 58 million underserved citizens. The programme will also support upgrades to the country's power infrastructure to improve electricity supply for households and businesses.

 

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Beyond infrastructure, the financing package places significant emphasis on agriculture, healthcare and human capital development. About 9.5 million farmers are expected to benefit from climate-smart agricultural initiatives aimed at boosting food production, improving resilience to climate change and strengthening national food security.

In the health sector, the programme seeks to improve access to quality healthcare and nutrition services for more than 40 million Nigerians, particularly vulnerable groups across the country.

To enhance the impact of the financing, the World Bank's private sector institutions—the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA)—will deploy financial instruments and political risk insurance to encourage greater private investment in strategic sectors of the Nigerian economy.

The World Bank said the approach is designed to reduce investment risks, mobilise private capital and accelerate Nigeria's long-term economic transformation.

The approval of the $1.25 billion financing package underscores the World Bank's continued commitment to supporting Nigeria's reform agenda through investments in infrastructure, human capital, agriculture and private sector development over the next six years.