World Bank approves $1.25bn Nigeria loan
The World Bank has approved a fresh $1.25bn loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration programme, amid public concerns over the country’s rising debt burden and repeated calls for the Federal Government to reduce external borrowing.
The approval was announced in a statement issued by the World Bank on Wednesday alongside the launch of a new Country Partnership Framework for Nigeria covering 2026 to 2032.
The bank said the new framework would guide its support for Nigeria over the next six years, with a focus on creating jobs by unlocking private sector-led growth.
“The World Bank Group has endorsed a new Country Partnership Framework for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector-led growth,” the statement read.
It added that the bank had “also approved the Nigeria Actions for Investment and Jobs Acceleration Development Policy Financing operation, which supports Nigeria’s transition toward a more inclusive growth model that spurs growth and creates jobs.”
The approval comes weeks after public criticism followed reports that the Federal Government was seeking a fresh $1.25bn World Bank facility to support economic reforms, job creation and competitiveness. Many Nigerians argued that the country’s growing external debt had yet to translate into improved living standards.
According to the World Bank, the new Country Partnership Framework builds on Nigeria’s recent macroeconomic reforms, which it said had resulted in stronger economic growth, higher government revenues, increased external reserves and improved investor confidence.
It said the framework aims to expand electricity access to 32 million Nigerians, provide broadband connectivity to 58 million people, improve health and nutrition services for 40 million citizens and support 9.5 million farmers.
It also seeks to strengthen human capital, boost agricultural productivity and expand access to energy and digital infrastructure.
The World Bank Country Director for Nigeria, Mathew Verghis, said the institution would focus on helping Nigeria convert recent macroeconomic gains into improved living standards.
“Our new Country Partnership Framework provides the strategy for how the World Bank Group will support Nigeria over the coming years, with a strong focus on helping to create more and better jobs, particularly by enabling private sector-led growth.
“The recent macroeconomic gains have been critical to help stabilise the economy. Translating improved macroeconomic conditions into better living standards will require addressing the structural constraints to spur private sector investment and job creation,” he said.
