World Bank mobilises $5.79bn, 850,000 jobs for Nigeria

The World Bank Group said it is working on up to $5.79 billion in private financing for Nigeria in fiscal year 2026 with about 850,000 direct and indirect jobs.

In a feature titled: Unlocking $5.79 Billion in Private Financing, which outlines investments and financing arrangements across digital infrastructure, agriculture, telecommunications and small-business development, the institution said the financing drive combines policy reforms, investment platforms, commercial financing and risk-mitigation instruments to attract private capital into sectors considered critical to Nigeria’s economic growth.

Through the Broadband Infrastructure Development (BRIDGE) Project, the World Bank Group aims to expand affordable broadband access to an additional 58 million people in Nigeria by 2030.

The initiative seeks to increase broadband coverage from 92 million people in 2025 to 150 million by 2030. Its first investor-selection round is expected to mobilise at least $156 million in private equity, with subsequent rounds potentially unlocking up to $1.1 billion by 2030.

The project is also expected to connect 38,800 public schools, 16,900 health facilities and 3,400 local government offices. The expanded access is projected to benefit an additional 42 million young people and 15 million women. 

The Financial Inclusion for Nigeria (FINCLUDE) programme is expected to mobilise nearly $1.89 billion in private financing and support about 850,000 direct and indirect jobs.

The programme targets more than 250,000 micro, small and medium-sized enterprises (MSMEs) in employment-intensive sectors. It includes a $500 million financing package combining resources from the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

At least 30% of the financing is targeted at women-led businesses, as the programme seeks to improve access to finance for smaller businesses and support employment creation.

The Agricultural Value Chains for Growth (AGROW) Project, under the World Bank Group’s AgriConnect approach, aims to support one million smallholder farmers, including women and young people.

The project is expected to attract $220 million from agribusiness companies and $22 million from certified seed producers to strengthen agricultural value chains and improve farmers’ access to productive inputs.