World Bank approves $1.25bn financing for Nigeria, unveils six-year growth strategy

The World Bank has committed $1.25 billion in development financing to Nigeria, signaling a strategic partnership focused on accelerating economic growth and fostering job creation. This significant financial injection is coupled with the endorsement of a new Country Partnership Framework (CPF) for Nigeria, which will guide the lender's support from 2026 to 2032.

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The World Bank Group has endorsed a new Country Partnership Framework (CPF) for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector-led growth.

The core objective of this six-year framework is to unlock private sector-led growth, thereby creating more and better jobs at scale. The approved Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing (DPF) operation, amounting to $1.25 billion, will back a series of government reforms designed to enhance growth and competitiveness. These reforms aim to deepen Nigeria's capital markets, modernize regulatory frameworks for the digital economy and e-governance, and expand energy access.

Further initiatives under the program include strengthening Nigeria's investment climate, reducing trade barriers in line with ECOWAS and AfCFTA commitments, improving access to quality agricultural seeds, and enhancing domestic revenue mobilization. The World Bank's strategy also encompasses investments in energy, digital infrastructure, agriculture, private-sector development, and social protection.

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As part of this broader support, the World Bank has also approved the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing (DPF) operation, which supports Nigeria’s transition toward a more inclusive growth model that spurs growth and creates jobs.

Beyond financial support, the CPF outlines ambitious targets, including expanding electricity access to 32 million Nigerians, providing broadband connectivity to 58 million people, and improving health and nutrition services for 40 million citizens. The bank also plans to support 9.5 million farmers by boosting agricultural productivity and access to essential inputs, aiming to strengthen human capital across the nation.

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The NAIJA DPF operation, which amounts to $1.25 billion, supports a set of Government reforms to strengthen the foundations for growth and competitiveness.