World Bank Approves $1.25bn Loan for Nigeria to Boost Jobs, Private Investment

The World Bank has approved a fresh $1.25 billion loan for Nigeria under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme, providing significant financial support for President Bola Tinubu’s economic reform agenda despite growing public concerns over the country’s rising external debt.

The approval was announced on Wednesday alongside the launch of the World Bank’s Country Partnership Framework (CPF) for Nigeria (2026–2032), a six-year strategy that will guide the institution’s engagement with Africa’s largest economy.

According to the World Bank, the new framework is designed to help Nigeria create more and better jobs by unlocking private sector-led growth, improving infrastructure, strengthening institutions and expanding opportunities for millions of Nigerians.

In a statement announcing the approval, the World Bank said the new Country Partnership Framework builds on Nigeria’s recent macroeconomic reforms and seeks to convert economic gains into improved living standards.

“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 institution stated.

The bank also confirmed the approval of the $1.25 billion Development Policy Financing (DPF) operation under the NAIJA programme, describing it as a key initiative to strengthen Nigeria’s competitiveness and lay the foundation for sustainable economic growth.

READ ALSO:

• Fuel Marketers Reject Petrol Price Controls, Threaten Nationwide Shutdown
• Sanwo-Olu Orders Emergency Dredging of 28 Channels as Lagos Battles Flash Floods
• Gunmen Kidnap Pastor, Two Worshippers in Benue Church Attack

According to the World Bank, the financing will support a broad package of reforms aimed at improving Nigeria’s business environment and attracting greater private investment.

The programme includes strengthening capital markets to improve access to finance, modernising regulations governing the digital economy and e-governance, accelerating reforms in the power sector to expand electricity access, reducing trade barriers in line with Nigeria’s commitments under ECOWAS and the African Continental Free Trade Area (AfCFTA), improving access to quality agricultural seeds to boost food production, and strengthening domestic revenue mobilisation and public financial management.

The World Bank believes these reforms will help increase productivity, stimulate investment and create employment opportunities across critical sectors of the Nigerian economy.

As part of the 2026–2032 Country Partnership Framework, the World Bank aims to support projects expected to expand electricity access to approximately 32 million Nigerians, deliver internet connectivity to about 58 million people, improve health and nutrition services for nearly 40 million Nigerians, and support around 9.5 million farmers through increased agricultural productivity and improved access to quality inputs.

The institution also plans to prioritise investments in human capital development, agriculture, digital infrastructure and climate resilience while supporting policies that encourage inclusive economic growth.

The World Bank’s Country Director for Nigeria, Mathew Verghis, said the institution’s priority is to help Nigeria translate recent macroeconomic improvements into tangible benefits for citizens.

According to him, while recent reforms have strengthened economic stability, addressing structural barriers to investment remains essential for creating jobs and reducing poverty.

Similarly, International Finance Corporation (IFC) Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s reform agenda has created fresh opportunities for private investment, while Multilateral Investment Guarantee Agency (MIGA) Vice President Ed Mountfield noted that political risk guarantees would encourage more investors to participate in Nigeria’s economy.

The approval has renewed public debate over Nigeria’s growing dependence on external borrowing.

Several economists and civil society organisations have questioned whether successive multilateral loans have translated into meaningful improvements in infrastructure, employment and living standards, particularly as many Nigerians continue to face high inflation, rising food prices and increased living costs.

According to figures from the Debt Management Office (DMO), Nigeria’s debt to the World Bank rose from $17.81 billion at the end of 2024 to $19.89 billion by December 31, 2025, representing an increase of $2.08 billion, or 11.7 per cent.

The DMO also reported that the World Bank accounted for 38.36 per cent of Nigeria’s $51.86 billion external debt stock as of the end of 2025, making it the country’s largest multilateral creditor.

Despite the concerns, the World Bank maintains that continued structural reforms, stronger institutions and increased private sector participation remain essential to achieving sustainable economic growth, reducing poverty and creating long-term employment opportunities.

For the Tinubu administration, the latest financing represents another significant vote of confidence from one of Nigeria’s largest development partners. However, analysts say the success of the programme will ultimately depend on transparent implementation, fiscal discipline and whether the reforms deliver measurable improvements in the lives of ordinary Nigerians.

World Bank Approves $1.25bn Loan for Nigeria to Boost Jobs, Private Investment

VIDEO: Tinubu Approves 27 Road Projects Worth N3.9 Trillion Across 15 States

• Minister Umahi Announces Completion of 118km Abuja-Kaduna-Kano Highway Section

President Bola Ahmed Tinubu has approved 27 road projects valued at over N3.9 trillion across 15 states, marking one of the most significant infrastructure interventions in the country’s recent history.

The Minister of Works, Senator David Umahi, disclosed this on Monday while briefing journalists on the Federal Government’s infrastructure development programme. The projects span Adamawa, Benue, Cross River, Ebonyi, Ekiti, Kogi, Kwara, Lagos, Niger, Ondo, Osun, Oyo, Plateau, Taraba, and Yobe states.

Speaking on the development, Umahi stated that the approvals reflect the administration’s commitment to bridging Nigeria’s infrastructure gap and stimulating economic growth through strategic road construction and rehabilitation.

“The President has demonstrated unwavering commitment to transforming Nigeria’s road infrastructure. These approvals are not just about roads; they are about connecting communities, enabling commerce, and saving lives,” Umahi said.

According to the Minister, the largest single project under the approval is the re-award of the 409-kilometre dual carriageway project in Niger State, valued at N1.8 trillion, to Aliko Dangote under the tax credit scheme. The project is expected to significantly improve connectivity in the North-Central region and facilitate the movement of goods and services.

Other major projects approved include N276 billion for the dualisation of the Ilorin-Ogbomoso Road, N265 billion for the reconstruction of the Iseyin-Eruwa-Agbesi Road connecting Oyo and Kwara states, and N217 billion for the dualisation of the old alignment Ijaye to FGC to Ilorin Road with a spur to Akinmorin.

In the South-East, the Federal Government approved N116 billion for the 21-kilometre Abakaliki-Afikpo Road in Ebonyi State and N86 billion for the reconstruction of the Enugu-Abakaliki Road with a flyover. The government also approved N86 billion for the Adikpo-Ajayi-Tese-Akpa-Otukpo Road connecting Benue and Cross River states.

READ ALSO:

• Troops Overpower Fleeing Terrorists, Rescue 10 Abducted NECO Candidates in Borno
• NDC appeals court ruling voiding registration as INEC restores portal for candidate uploads
• Yoruba Movie Industry Mourns Veteran Actor, Elegbeje Ado

The South-West region received significant attention with the approval of N110 billion for the Ogbomoso-Oko-Illupu Road linking Oyo and Osun states. Additionally, N98 billion was approved for the construction of the 30-kilometre Idi-Araba-Ayede-Olodo Road in Oyo State, N82 billion for the rehabilitation of Igbeti Road, N74 billion for the Igbeti-Soro-Kishi Road, and N15.5 billion for the 13-kilometre Badeku-Jaiye Road in Oyo State.

Ekiti and Ondo states will benefit from the N34 billion, 18-kilometre Ikere-Ekiti-Ijare Road project, while the rehabilitation of the Kabba-Ifaki-Ado Ekiti Road connecting Kogi and Ekiti states received N24.7 billion.

In Lagos State, N15.7 billion was approved for the construction of Pacific Road linking Igbe Laara to Ikorodu, a project expected to ease traffic congestion in the densely populated Ikorodu axis.

The North-East region also received substantial allocations, with N83 billion approved for the Jimeta-Mayo Belwa Road project in Adamawa State, N71 billion for the construction of the 52-kilometre Dabban-Makina Road in Niger State, and N62.99 billion for the Tungo-Karamti Road with five bridges between Adamawa and Taraba states.

The rehabilitation of the Yola-Hong-Mubi Road phase 2 received N58 billion, while phase 2 of the Yola-Fufore-Gurin Road project in Adamawa State, covering 20 kilometres, received N15.246 billion.

Plateau State will benefit from N92 billion for the rehabilitation of the Baban-Lamba-Sharan phase 2 Road, while Yobe State received N15 billion as augmentation for a 32.2-kilometre road project in Gashua originally awarded in 2022.

In Kwara State, the government approved N21 billion for a flyover bridge at Oko-Olowo Junction, while the rehabilitation of sections 1 and 2 of the Ilorin-Omorin-Ebe-Kabba-Obajana Road in Kwara and Kogi states received N104 billion.

Umahi also disclosed that the first 118-kilometre section of the Abuja-Kaduna-Kano Highway, valued at N137 billion, has been completed. He expressed optimism that work on the remaining 164-kilometre section would be completed by November.

The Minister also announced the approval of the full business case for the operation and maintenance concession for the Lagos-Ibadan Expressway. He directed the immediate commencement of reconstruction of the failed sections of the Ibadan axis using concrete technology to ensure durability.

“We are not just building roads; we are building a foundation for sustainable economic development. The use of concrete technology on the Lagos-Ibadan Expressway will ensure that the road serves Nigerians for decades to come,” Umahi added.

He noted that the projects would generate thousands of direct and indirect jobs across the affected states and boost economic activities in the regions.

The Minister urged contractors handling the projects to adhere strictly to specifications and timelines to ensure timely delivery of the projects.

President Bola Ahmed Tinubu has approved 27 road projects valued at over N3.9 trillion across 15 states, marking one of the most significant infrastructure interventions in the country's recent history.

Elegbeje Ado | Khaki | Piper | Joshua Kimmich | Charles Okocha | Niger NYSC pic.twitter.com/xcpPsUkfAE

— Newstrends.Ng (@Newstrends_ng) June 30, 2026

VIDEO: Tinubu Approves 27 Road Projects Worth N3.9 Trillion Across 15 States

Breaking: Third Batch of Nigerians Fleeing South Africa’s Xenophobic Violence Arrives in Lagos