The World Bank Group says it is helping mobilise up to $5.79 billion in private financing to support Nigeria’s economic transformation, expand infrastructure and create employment opportunities.
The institution disclosed this in a report published on Sunday titled “Unlocking $5.79 Billion in Private Financing,” which highlights investment initiatives across agriculture, telecommunications, small businesses and other critical sectors.
According to the report, the financing strategy combines government policy reforms, commercial investments, investment platforms and risk-mitigation measures to attract private capital into productive sectors of the economy.
The World Bank identified the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) as key partners in mobilising the funds. While the IFC supports investment structuring and commercial financing, MIGA provides guarantees to reduce risks for investors.
The institution said Nigeria’s economic reforms introduced since mid-2023 had helped create more predictable investment conditions, particularly through foreign exchange management and public finance measures.
Broadband Expansion to Reach 58 Million Nigerians
The report identified the Building Resilient Digital Infrastructure for Growth (BRIDGE) Project as a major initiative for expanding broadband access across Nigeria.
It said the project’s initial investor-selection process was expected to mobilise at least $156 million in private equity, while subsequent financing rounds could attract up to $1.1 billion by 2030.
The initiative is projected to extend affordable broadband access to an additional 58 million Nigerians, increasing coverage from 92 million people in 2025 to approximately 150 million by 2030.
Expected beneficiaries include 42 million additional young people and 15 million women. The programme also aims to connect 38,800 public schools, 16,900 health facilities and 3,400 local government offices.
MSME Financing to Support 850,000 Jobs
The World Bank also highlighted its Fostering Inclusive Finance for MSMEs in Nigeria programme, known as FINCLUDE, as a major intervention to improve access to finance for micro, small and medium-sized enterprises.
The programme is expected to mobilise nearly $1.89 billion in private financing and support approximately 850,000 direct and indirect jobs.
It targets more than 250,000 businesses, particularly those operating in sectors with significant employment potential.
The report said the initiative includes a $500 million financing package combining resources from the International Bank for Reconstruction and Development and the International Development Association.
Agriculture to Benefit One Million Farmers
In the agricultural sector, the World Bank said its Agricultural Value Chains for Growth Project would support approximately one million smallholder farmers.
The project is expected to attract about $220 million from agribusiness companies and an additional $22 million from certified seed producers.
The institution also highlighted financing arrangements supported by the IFC for Dangote Industries Limited and Indorama Fertilizer to strengthen domestic fertiliser production.
According to the report, the IFC helped mobilise $1.02 billion for Dangote Industries and $282.5 million for Indorama through arrangements involving development institutions and commercial lenders.
The investments are expected to improve agricultural productivity and strengthen access to essential farm inputs for more than 10 million smallholder farmers.
Telecoms Investment Attracts Private Capital
The World Bank further cited the IFC’s participation in a $1.2 billion bond issuance by IHS Towers as an example of efforts to attract private investment into Nigeria’s telecommunications infrastructure.
The transaction helped mobilise more than $1.1 billion from private investors, according to the report.
The institution maintained that coordinated investments in broadband infrastructure, agriculture and business financing could boost productivity, expand economic opportunities and strengthen private-sector-led growth.
However, it clarified that the $5.79 billion represents financing already mobilised alongside anticipated investments, rather than a newly approved loan or grant.
The World Bank said the ultimate measure of success would be the impact of the investments on job creation, infrastructure development, agricultural productivity and the livelihoods of Nigerians.
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