The World Bank recently announced the approval of a seven-year program with Africa’s most populous country, Nigeria, amounting to $1.25 billion in funding.
The new Country Partnership Framework (CPF), which will run from 2026 to 2032, is accompanied by the approval of a $1.25 billion Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing programme.
Together, the initiatives are designed to help Nigeria build a more inclusive economy by encouraging investment, strengthening key sectors, and expanding employment opportunities.
According to the World Bank, via the information relayed on its website, the framework builds on the country’s previous economic reforms, which have resulted in greater growth, higher government revenues, bigger foreign reserves, and improved investor sentiment.
The initiative has been designed to assist in extending energy access to around 32 million Nigerians, enhance internet connectivity to 58 million people, and improve healthcare and nutrition services for an estimated 40 million inhabitants.
“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,” said Mathew Verghis, World Bank Country Director for Nigeria.
“The recent macroeconomic gains have been critical to help stabilize 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 stated that, while recent macroeconomic changes have helped to improve the country’s economic outlook, Nigeria’s long-term success would be contingent on addressing structural difficulties that continue to impede investment and employment creation.
The $1.25 billion NAIJA DPF operation backs a number of government initiatives aimed at fortifying the groundwork for expansion and competitiveness.
These include expanding access to high-quality agricultural seeds, boosting domestic revenue mobilization, and lowering trade barriers in accordance with Nigeria’s ECOWAS and AfCFTA commitments to help ease price pressures.
It also intends to help about 9.5 million farmers through projects aimed at increasing agricultural production while investing in human capital, digital infrastructure, and energy development.
Furthermore, a recent report indicated that Nigeria’s World Bank-supported HOPE Governance Programme will disburse $27 million in performance-based grants to states that achieved key governance and public finance reform benchmarks.
World Bank $27 million support program to Nigeria
Dr. Assad Hassan, the programme’s National Coordinator, made the announcement on Tuesday in Abuja during a retreat attended by commissioners, permanent secretaries, and budget and planning directors from Nigeria’s 36 states and the Federal Capital Territory.
An Interim Independent Verification Agent assessed participating states against a set of “Year Zero” Disbursement-Linked Results (DLRs) related to budget transparency, planning, and financial management before issuing the incentives.
Under the first two performance indicators, Bayelsa, Borno, Kano, Kebbi, and Yobe states were each eligible for $1.5 million after following standardized standards for creating and submitting consolidated budgets for basic education and primary healthcare.
A further nine states, Adamawa, Bayelsa, Borno, Delta, Gombe, Kano, Plateau, Taraba and Yobe, will each receive $500,000 for adopting harmonised local government budget guidelines and chart of accounts