The World Bank Group has endorsed a new Country Partnership Framework (CPF) for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector–led growth.
As part of this broader support, the World Bank has also approved the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing (DPF) operation, which supports Nigeria’s transition toward a more inclusive growth model that spurs growth and create jobs.
A statement by the Bretton Woods development finance institution on the initiative indicated that it was aimed at building on the macroeconomic gains achieved through recent reforms—including stronger growth, higher revenues, increased reserves, and improved investor confidence—the CPF supports Nigeria’s efforts to create more and better jobs by accelerating private sector growth, with a focus on mobilizing private investment to complement public resources.
According to the bank, it also aims to expand energy access to 32 million Nigerians, deliver broadband connectivity to 58 million people, improve health and nutrition services for 40 million people, and support 9.5 million farmers, while strengthening human capital, boosting agricultural productivity, and expanding access to energy and digital infrastructure.
- Advertisement -
Commenting on the Country Partnership Framework and other initiatives, World Bank Country Director for Nigeria, Mathew Verghis, clarified: “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 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”, the banker added.
The NAIJA DPF operation, which amounts to $1.25 billion, supports a set of Government reforms to strengthen the foundations for growth and competitiveness.
These include deepening capital markets, modernizing the regulatory framework for the digital economy and e-governance, advancing power sector reforms to accelerate electrification, lowering trade barriers in line with Nigeria’s ECOWAS and AfCFTA commitments to help ease price pressures, improving access to quality agricultural seeds, and strengthening domestic revenue mobilization.
This operation is part of the World Bank Group’s broader support to Nigeria, combining policy reforms with investments and financing in energy, digital infrastructure, agriculture, private sector development, and social protection to help deliver lasting improvements in job creation, economic resilience, and poverty reduction.
In his remarks on the initiatives, IFC Divisional Director for Nigeria, Dahlia Khalifa, explained: “Nigeria’s long-term growth potential will be shaped by the economy’s ability to attract investment, raise productivity, and unleash private sector job creation building on the capital of a rapidly growing population.
“Through this Country Partnership Framework, the World Bank Group will work alongside with Nigeria to help unlock private investment, expand access to infrastructure and essential services, and create the enabling conditions for businesses to innovate and compete. Together, these efforts aim to translate reform momentum into broader economic opportunity and improved livelihoods”, Khalifa stressed.
Similarly, MIGA Vice President and CFO, Ed Mountfield, while expressing his views on the steps by the World Bank to support Nigeria’s ongoing reforms, said: “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.
“Under the CPF, the World Bank Group Guarantee Platform housed within MIGA will scale our support in priority areas such as the financial sector and infrastructure to help unlock jobs and growth”, the investment expert added.
