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World Bank Unveils Nigeria Growth, Jobs Framework

by admin on | 2026-07-03 17:41:56

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World Bank Unveils Nigeria Growth, Jobs Framework

By Ahmad Sirajo Makama, Abuja

The World Bank Group has launched a new Country Partnership Framework (CPF) for Nigeria covering the period from 2026 to 2032.

It also approved a $1.25 billion Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing (DPF) operation aimed at driving investment, economic growth, and large-scale job creation.

The framework is designed to support Nigeria’s efforts to accelerate private sector-led growth by creating an enabling environment for investment, while complementing ongoing government reforms that have strengthened macroeconomic stability.

According to the World Bank, “the CPF builds on recent economic reforms that have resulted in stronger growth, increased government revenues, higher foreign reserves and improved investor confidence.

“The framework seeks to translate these gains into better livelihoods through expanded employment opportunities and improved access to essential services.”

Under the programme, the World Bank plans to support expanded electricity access for 32 million Nigerians, broadband connectivity for 58 million people, improved health and nutrition services for 40 million citizens, and assistance for 9.5 million farmers through enhanced agricultural productivity and better access to quality inputs.

Speaking on the initiative, the World Bank Country Director for Nigeria, Mathew Verghis, said the partnership places strong emphasis on creating more and better jobs by enabling private sector-led growth.

“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,” he said.

Verghis noted that while recent macroeconomic reforms have helped stabilise the economy, sustained improvements in living standards would depend on addressing structural challenges that constrain private investment and employment generation.

“The newly approved $1.25 billion NAIJA Development Policy Financing will support key government reforms, including deepening capital markets, strengthening digital economy regulations and e-governance.”

Other areas covered under the policy, according to the World Bank, include “advancing power sector reforms to accelerate electrification, reducing trade barriers in line with Nigeria’s regional commitments under ECOWAS and the African Continental Free Trade Area (AfCFTA), as well as improving access to quality agricultural seeds and enhancing domestic revenue mobilisation.”

The Bank said the financing forms part of a broader support package covering energy, digital infrastructure, agriculture, private sector development, and social protection to promote economic resilience and reduce poverty.

Vice President and Chief Financial Officer of the Multilateral Investment Guarantee Agency (MIGA), Ed Mountfield, said the agency would continue to help reduce investment risks through guarantees and political risk insurance, particularly in infrastructure and the financial sector.

He explained that the World Bank Group’s Guarantee Platform, housed within MIGA, would expand support in priority sectors to attract private investment capable of generating jobs and stimulating economic growth.

Also speaking, the Divisional Director of the International Finance Corporation (IFC) for Nigeria, Dahlia Khalifa, said the country’s long-term growth prospects “would depend largely on its ability to attract investment, improve productivity and unlock the potential of its growing population.”

She stated that the new Country Partnership Framework would “support efforts to expand infrastructure, improve access to essential services, encourage innovation and strengthen the business environment, ultimately translating ongoing economic reforms into broader opportunities and improved livelihoods for Nigerians.”