World Bank Group Targets $5.79 Billion Investment in Nigeria

The World Bank Group is targeting $5.79 billion in private-sector financing for Nigeria, with an initiative expected to create approximately 850,000 direct and indirect jobs. This investment drive focuses on sectors such as agriculture, digital infrastructure, telecommunications, and small businesses.

The strategy combines policy reforms, commercial investments, and measures to reduce investment risks to attract private capital. A significant component of this initiative is the Fostering Inclusive Finance for Micro, Small and Medium Enterprises in Nigeria (FINCLUDE) programme, which aims to attract nearly $1.89 billion in private financing to support around 850,000 jobs.

The programme is designed to enhance access to finance for over 250,000 MSMEs, particularly in high-employment sectors, and includes a $500 million financing package from the International Bank for Reconstruction and Development and the International Development Association. Additionally, the Building Resilient Digital Infrastructure for Growth (BRIDGE) Project aims to extend affordable broadband access to 58 million Nigerians by 2030, with an expected $156 million in private equity during its first investment round.