World bank unveils new Nigeria partnership framework, approves $1.25bn reform financing to boost investment, jobs

The World Bank Group has unveiled a new six-year Country Partnership Framework (CPF) for Nigeria covering 2026 to 2032, alongside the approval of a $1.25 billion development policy financing package aimed at accelerating private investment, expanding job creation and consolidating the country’s ongoing economic reforms.

The new strategy, announced on Wednesday, is designed to support Nigeria’s transition to a more inclusive, private sector-driven growth model by building on recent macroeconomic improvements, including stronger economic growth, rising government revenues, increased foreign reserves and improved investor confidence.

At the centre of the initiative is the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing (DPF) operation, a $1.25 billion programme that will back key government reforms intended to strengthen economic competitiveness and stimulate large-scale employment.

The World Bank said the Country Partnership Framework seeks to unlock private investment while complementing public resources, with ambitious development targets that include expanding electricity access to 32 million Nigerians, providing broadband connectivity to 58 million people, improving health and nutrition services for 40 million citizens, and supporting 9.5 million farmers through enhanced agricultural productivity.

The framework also prioritises investments in human capital development, digital infrastructure, energy access and agricultural transformation as critical drivers of sustainable economic growth.

World Bank Country Director for Nigeria, Mathew Verghis, said the new partnership provides the strategic direction for the Bank’s engagement with Nigeria over the next six years, with job creation at the heart of the agenda.

“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,” Verghis said.

According to him, although recent macroeconomic reforms have helped stabilise the economy, Nigeria must now address deeper structural challenges to convert economic stability into improved living standards.

“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 added.

The NAIJA financing package will support reforms across several critical sectors, including capital market development, digital economy regulation and e-governance, electricity sector reforms to accelerate electrification, trade liberalisation in line with Nigeria’s ECOWAS and African Continental Free Trade Area (AfCFTA) commitments, improved access to quality agricultural seeds and stronger domestic revenue mobilisation.

The World Bank said the operation forms part of its broader support programme for Nigeria, combining policy reforms with investments in energy, agriculture, digital infrastructure, private sector development and social protection to strengthen economic resilience and reduce poverty.

The Multilateral Investment Guarantee Agency (MIGA), the World Bank Group’s political risk insurance arm, also pledged to expand support for investors through guarantees designed to reduce investment risks.

MIGA Vice President and Chief Financial Officer, Ed Mountfield, said Nigeria’s ongoing reforms have created significant investment opportunities but noted that investors still face considerable risks.

“Nigeria’s reform progress is creating important opportunities for private investment, but risks remain for investors. MIGA’s role is to help manage these risks—through guarantees and political risk insurance—so that investors can step in with confidence,” he said.

He added that the World Bank Group Guarantee Platform, housed within MIGA, would scale up support for priority sectors, particularly financial services and infrastructure, to unlock greater investment and employment opportunities.

Similarly, IFC Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s long-term economic prospects would depend largely on its ability to attract investment, improve productivity and create private sector jobs.

She noted that under the new Country Partnership Framework, the International Finance Corporation (IFC) would work closely with the Nigerian government to mobilise private capital, expand access to infrastructure and essential services, and strengthen the business environment.

“Together, these efforts aim to translate reform momentum into broader economic opportunity and improved livelihoods,” Khalifa said.