The World Bank has approved a new $1.25 billion loan for Nigeria to support investment, economic reforms and job creation under its Nigeria Actions for Investment and Jobs Acceleration programme
The approval was announced on Wednesday as the global lender unveiled its new Country Partnership Framework for Nigeria, which will run from 2026 to 2032 and outline its development priorities for the country over the next six years.
According to the World Bank, the framework is designed to stimulate large-scale job creation by promoting private sector-led economic 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: “The World Bank has 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 latest approval comes despite growing public concern over Nigeria’s rising external debt, with many Nigerians questioning the continued reliance on foreign loans and whether previous borrowings have significantly improved the country’s economy or citizens’ welfare.
The World Bank said the new framework builds on recent macroeconomic reforms, which it believes have strengthened economic growth, boosted government revenue, increased foreign reserves and improved investor confidence.
As part of its targets, the institution plans to help provide electricity access to 32 million Nigerians, broadband connectivity to 58 million people, improved health and nutrition services for 40 million citizens, and support for 9.5 million farmers. The programme will also focus on expanding digital infrastructure, improving agricultural productivity and strengthening human capital development.
World Bank Country Director for Nigeria, Mathew Verghis, said the organisation’s priority is to help Nigeria convert its recent economic progress into meaningful improvements in the lives of its people.
“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.
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