Nigeria Secures $1.25bn World Bank Support for Jobs

The World Bank Group approved a new seven-year partnership framework with Nigeria, which includes a financial package of $1.25 billion aimed at accelerating private investment and expanding job opportunities. This framework, covering the period from 2026 to 2032, seeks to translate recent macroeconomic improvements into broad-based economic gains while addressing long-standing structural bottlenecks that hinder private sector growth.

The World Bank's support will focus on expanding electricity access for 32 million people, providing broadband connectivity for 58 million Nigerians, and improving health and nutrition services for 40 million citizens. Additionally, the framework aims to support 9.5 million farmers and strengthen human capital development.

Mathew Verghi, the World Bank Country Director for Nigeria, emphasized that job creation will be central to the partnership, which also includes reforms to deepen Nigeria's capital market and modernize regulations in the digital economy. The initiative is expected to enhance investor confidence and improve living standards in Nigeria.