World Bank Invests $2.5 Billion in Nigeria's Infrastructure, Education, and Healthcare Sectors

The World Bank Group has committed $2.5 billion to Nigerian suppliers over the past five years, funding projects in infrastructure, healthcare, and education. Additionally, the International Finance Corporation (IFC) mobilized $5 billion in private capital last year to support business development and job creation in the country.

During a seminar organized by the World Bank Group in Lagos, discussions focused on procurement and investment opportunities, with an emphasis on promoting SME participation, transparency, and capacity building in public procurement processes. Nigerian companies have been awarded 6,800 World Bank-financed contracts worth $2.5 billion, with 60% of the awards directed towards civil works such as road construction and school building.

The IFC, which has been committed to Nigeria for over a decade, aims to further support the country's development by mobilizing private capital. Nigerian officials, including the Minister of Budget and Economic Planning and the Vice President, have acknowledged the significant engagement of the World Bank in Nigeria's economic growth.