Nigeria's Government Engages World Bank for Infrastructure Financing

The Federal Government of Nigeria has initiated discussions with the World Bank Group to secure additional financing support for infrastructure development, focusing on the power sector. The discussions aim to expand Nigeria's access to World Bank guarantee instruments to attract private capital for critical infrastructure projects while alleviating pressure on public finances.

This information was released in a statement by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, following a meeting involving Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy; Olayemi Cardoso, Governor of the Central Bank of Nigeria; and Ajay Banga, President of the World Bank Group. The meeting occurred during the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.

The proposed arrangement could mobilize additional funding for infrastructure projects by utilizing World Bank guarantees to mitigate investment risks. The ministry did not disclose the amount of financing sought, specific projects, or a timeline for securing the guarantees.

The engagement is part of Nigeria's strategy to enhance economic growth and private investment.