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 jobs across key sectors.
The institution disclosed this in a report published on Sunday titled “Unlocking $5.79 Billion in Private Financing,” outlining initiatives covering agriculture, telecommunications, digital infrastructure and small businesses.
According to the World Bank, the effort combines policy reforms, commercial financing, investment platforms and risk guarantees to attract private capital. Its International Finance Corporation (IFC) supports investment structuring and financing, while the Multilateral Investment Guarantee Agency (MIGA) provides guarantees to reduce investor risks.
The report highlighted the Building Resilient Digital Infrastructure for Growth (BRIDGE) Project, which is expected to attract at least $156 million in private equity initially, with further investment potentially reaching $1.1 billion by 2030.
The project aims to extend affordable internet access to an additional 58 million Nigerians, increasing projected broadband coverage from 92 million people in 2025 to about 150 million by 2030. It is also expected to connect 38,800 public schools, 16,900 health facilities and 3,400 local government offices.
Another initiative, the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) programme, is expected to mobilise nearly $1.89 billion in private financing, support more than 250,000 micro, small and medium enterprises, and generate about 850,000 direct and indirect jobs.
The programme includes a $500 million financing package combining resources from the International Bank for Reconstruction and Development and the International Development Association.
In agriculture, the World Bank said its Agricultural Value Chains for Growth Project would support approximately one million smallholder farmers, attracting an estimated $220 million from agribusiness companies and another $22 million from certified seed producers.
The report also cited financing arrangements involving Dangote Industries Limited and Indorama Fertilizer, which secured $1.02 billion and $282.5 million, respectively, through arrangements involving development institutions and commercial lenders. The investments are expected to strengthen domestic fertiliser production and improve access to farming inputs for more than 10 million smallholder farmers.
In telecommunications, the IFC participated in a $1.2 billion bond issuance by IHS Towers, a transaction the World Bank said mobilised more than $1.1 billion from private investors for telecommunications infrastructure.
The institution said Nigeria’s economic reforms since mid-2023, particularly in foreign-exchange management and public finance, had helped create more predictable conditions for investment.
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 investments’ impact on job creation, infrastructure, agricultural productivity and economic opportunities for Nigerians.
