World Bank Greenlights $1.25bn Loan For Nigeria

The World Bank has approved a fresh $1.25 billion loan for Nigeria under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme, marking another major financial intervention aimed at supporting economic reforms, private sector growth, and job creation.

According to a statement released by the World Bank on Wednesday, the loan approval coincided with the unveiling of its new Country Partnership Framework (CPF) for Nigeria, covering the period from 2026 to 2032. The framework outlines the institution’s strategy for supporting the country’s long-term development agenda over the next six years.

The latest approval comes amid growing public concern over Nigeria’s increasing debt profile and the Federal Government’s continued reliance on external borrowing to finance development programmes.

The World Bank said the new partnership is designed to stimulate private investment, accelerate economic growth, and expand employment opportunities through reforms that foster a more business-friendly environment. It added that the initiative seeks to promote inclusive economic growth that translates into improved living standards for Nigerians.

The institution acknowledged that recent economic reforms undertaken by Nigeria have produced positive outcomes, including stronger government revenue, improved foreign exchange reserves, increased investor confidence, and greater macroeconomic stability. However, it stressed that additional reforms are necessary to ensure these gains result in tangible improvements in the lives of citizens.

As part of the new partnership framework, the World Bank outlined ambitious development targets, including expanding access to electricity for approximately 32 million Nigerians, increasing broadband connectivity to about 58 million people, improving health and nutrition services for around 40 million citizens, and supporting nearly 9.5 million farmers to boost agricultural productivity.

The programme will also focus on strengthening human capital development, enhancing workforce skills, modernising agricultural systems, and expanding access to reliable energy and digital infrastructure as part of broader efforts to accelerate sustainable economic development across the country.