Nigeria Secures $1.25 Billion World Bank Support for Jobs and Economic Reforms

Nigeria has entered into a new seven-year partnership with the World Bank Group, which includes a $1.25 billion financing package designed to accelerate private investment, expand job opportunities, and sustain the country's ongoing economic reforms. The Country Partnership Framework (CPF) for 2026-2032 aims to convert recent macroeconomic stability into widespread economic benefits by tackling long-standing structural issues that have hindered private sector growth and employment.

The World Bank also approved the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing (DPF) operation. This initiative is intended to strengthen the foundations for investment, enhance competitiveness, and foster inclusive economic growth. The strategy builds upon recent reforms that have led to improved economic growth, increased government revenues, higher foreign reserves, and a renewed investor confidence. However, the bank acknowledges that sustained job creation remains Nigeria's most critical development challenge.

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Our new Country Partnership Framework provides the strategy for how the World Bank Group will support Nigeria over the coming years, with a strong focus on helping to create more and better jobs, particularly by enabling private sector-led growth.

Under this framework, the World Bank plans to support Nigeria in several key areas. These include expanding electricity access to 32 million people, providing broadband connectivity to 58 million Nigerians, improving health and nutrition services for 40 million citizens, and supporting 9.5 million farmers through initiatives to boost agricultural productivity. The program also focuses on strengthening human capital development and expanding access to digital infrastructure and energy to stimulate private enterprise and enhance productivity across vital sectors.

Mathew Verghis, World Bank Country Director for Nigeria, stated that job creation is central to the institution's engagement with the country. He emphasized that while recent macroeconomic reforms have stabilized the economy, Nigeria must now address deeper structural constraints to unlock private investment and translate economic stability into improved living standards. The new CPF outlines how the World Bank Group will support Nigeria, prioritizing private sector-led growth to create more and better jobs.

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The recent macroeconomic gains have been critical to help stabilize the economy. Translating improved macroeconomic conditions into better living standards will require addressing deeper structural constraints to unlock private investment.