The World Bank Group is targeting up to $5.79 billion in private sector financing for Nigeria, with a major initiative expected to support approximately 850,000 direct and indirect jobs across agriculture, digital infrastructure, telecommunications and small business sectors.
Bangkok, Thailand — The financing drive, outlined in a report titled “Unlocking $5.79 Billion in Private Financing,” combines policy reforms, commercial investments and measures to reduce investor risks to attract private capital into sectors vital to Nigeria’s economic growth.
World Bank officials emphasised that the $5.79 billion target comprises financing already mobilised and investments expected from ongoing initiatives rather than newly approved loans or grants to the Federal Government.
A major component is the Fostering Inclusive Finance for Micro, Small and Medium Enterprises in Nigeria (FINCLUDE) programme, expected to mobilise nearly $1.89 billion in private sector financing and support about 850,000 jobs. The programme targets more than 250,000 micro, small and medium-sized enterprises (MSMEs), particularly businesses operating in sectors with significant employment creation potential.
FINCLUDE includes a $500 million financing package backed by resources from the International Bank for Reconstruction and Development and the International Development Association, both arms of the World Bank. The initiative seeks to improve financing access for women-led businesses, with at least 30% of funding targeted at enterprises owned by women.
In digital infrastructure, the World Bank’s Building Resilient Digital Infrastructure for Growth (BRIDGE) project aims to extend affordable broadband access to an additional 58 million Nigerians by 2030. The project targets an increase in broadband coverage from 92 million people in 2025 to 150 million by 2030, expected to attract at least $156 million in private equity in its first investor selection round.
Kanyi Daily reports that the BRIDGE initiative aims to connect 38,800 public schools, 16,900 health facilities and 3,400 local government offices to broadband services. It is also projected to benefit an additional 42 million young people and 15 million women.
Through its Agricultural Value Chains for Growth (AGROW) project, the World Bank aims to support one million smallholder farmers, including women and young people. The project is expected to attract $220 million from agribusiness companies and another $22 million from certified seed producers to strengthen agricultural value chains and improve farmer access to quality inputs.
The World Bank highlighted financing arrangements supported by the International Finance Corporation (IFC), its private sector investment arm, for Dangote Industries and Indorama Fertilizer. The IFC helped mobilise $1.02 billion for Dangote Industries and $282.5 million for Indorama Fertilizer, expected to strengthen domestic fertiliser production and improve farm input access for more than 10 million smallholder farmers.
In telecommunications, the IFC acted as anchor investor in a $1.2 billion bond issuance by IHS Towers, helping attract more than $1.1 billion from private investors. The transaction illustrates how development finance institutions can use their investments to attract additional private capital into infrastructure projects.
The World Bank noted that Nigeria’s economic reforms since mid-2023, particularly changes to foreign exchange management and public finances, have created more predictable conditions for investment.
The World Bank Group simultaneously launched the Philanthropy Hub, a new platform designed to connect charitable foundations, investors, development institutions and partners with projects needing funding and technical support. The platform aims to turn promising ideas and small-scale projects into wider solutions reaching millions of people, particularly in countries facing growing development needs and limited public funds.
