By Anthony Otaru, Abuja
The World Bank Group has approved a new Country Partnership Framework (CPF) for Nigeria covering 2026 to 2032, alongside a $1.25 billion financing package aimed at accelerating private investment, expanding infrastructure and creating millions of jobs.
The framework seeks to support Nigeria’s economic reforms by promoting private-sector-led growth while improving access to energy, digital infrastructure, agriculture, healthcare, and other critical sectors.
The financing, known as the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing, is expected to strengthen reforms to improve competitiveness and attract investment.
According to the World Bank, the programme aims to expand electricity access to 32 million Nigerians, provide broadband connectivity to 58 million people, improve healthcare and nutrition services for 40 million citizens, and support 9.5 million farmers.
World Bank Country Director for Nigeria, Mathew Verghis, said the framework is focused on translating recent macroeconomic gains into broad-based economic opportunities.
“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 through private sector-led growth,” he said.
The World Bank noted that the financing package will support reforms in the power sector, capital markets, digital economy, agriculture, trade facilitation and domestic revenue mobilisation.
Vice President and Chief Financial Officer of the Multilateral Investment Guarantee Agency (MIGA), Ed Mountfield, said the institution would continue providing guarantees and political risk insurance to encourage investors.
“Nigeria’s reform progress is creating important opportunities for private investment, but investors still require confidence to commit long-term capital,” he said.
The International Finance Corporation (IFC) also pledged support for initiatives that promote innovation, infrastructure development and private enterprise growth.
