World Bank spends $15b on 30 projects in Nigeria

The World Bank has committed over $15 billion to support 30 development programmes across Nigeria.

In a statement, the World Bank said the programmes are at the federal and state levels. They tackle various issues – from improving lives to growing the economy.

To this end, the World Bank is throwing its weight behind Nigeria’s development with a big financial boost and expert advice.

The Managing Director Operations of the World Bank, Anna Bjerde, has arrived in Abuja for a two-day visit to discuss key areas like the economy, energy, and creating jobs.

The statement noted that beyond financial commitments, the World Bank also offers expert advice and support on various fronts. They help analyse complex situations, suggest effective policies, strengthen institutions, and even help with implementing projects on the ground.

The World Bank’s sister organisation, the International Finance Corporation (IFC), is also heavily investing in Nigeria, with $2 billion dedicated to supporting businesses. Their focus is on helping small and medium-sized companies get access to loans, promoting sustainable practices, and creating jobs in agriculture and manufacturing.

According to the statement, “the World Bank provides large-scale concessional financing for the development programmes of both the federal and state governments; as of January 2024, 30 of such programmes are under implementation financed by over US$15 billion in commitments. The World Bank also provides support through analytics, upstream policy advisory, institutional strengthening, and implementation support initiatives.

The International Finance Corporation (IFC) investment portfolio in Nigeria is the second largest in Africa and stands at US$2 billion. IFC’s strategic objectives in Nigeria are aimed at supporting diversified growth, enhancing inclusion, and promoting sustainability and job creation.

“IFC’s work in Nigeria boosts universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises (MSMEs) through financial intermediaries, supports agribusiness and manufacturing to enhance food security, meet domestic needs, and grow exports.’’

During her visit, Ms. Bjerde will discuss crucial topics with Nigerian officials, including how to manage the economy, expand access to electricity, build better digital infrastructure, and equip people with the skills they need for future jobs.

Ms. Bjerde will also join a meeting with finance ministers from West and Central Africa. They will discuss how to work together to achieve sustainable growth and create more opportunities for everyone in the region.

To get a well-rounded perspective, Ms. Bjerde will also meet with leaders from Nigeria’s private sector, particularly those involved in energy and technology. Their insights the statement said will help shape the World Bank’s future support for Nigeria.

This visit highlights the World Bank’s strong commitment to Nigeria’s development. By combining financial resources, expert advice, and collaboration with both government and private sector, they aim to help Nigeria build a brighter future for all its citizens.

“Ms. Bjerde will use the visit —her first to Nigeria as Managing Director of Operations— to further the World Bank’s engagement with Nigeria on critical aspects of the country’s development agenda, including macroeconomic and fiscal policy, energy access, digital infrastructure, and skills. She will participate in a meeting of Western and Central Africa Ministers of Finance co-hosted by the Government of Nigeria and the World Bank.

“At the meeting, Ms. Bjerde will discuss the ambitious regional development priorities and how additional International Development Association (IDA) resources can further support countries to “leap forward” and attain sustainable growth, jobs, and development.

While in Nigeria, Ms. Bjerde will hold bilateral meetings with the Minister of Finance, Mr. Olawale Edun, the Minister of Budget and Economic Planning, Mr. Abubakar Atiku Bagudu, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso. She will host a roundtable discussion with private sector leaders in the energy and digital sectors” the statement read.

Nigerian officials said they were happy to receive support from the World Bank and expressed their desire for more cooperation in the future.

The Finance Minister, Wale Edun, praised Ms. Bjerde’s visit as a positive continuation of their relationship with the World Bank. He asked for more support and mentioned Nigeria’s ongoing reforms.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, was grateful for the World Bank’s support in various areas, including finance and knowledge. He highlighted the importance of the World Bank’s expertise in the knowledge economy.

The Budget Minister, Senator Atilu Bagudu, emphasized the government’s efforts in reform, including reducing the budget deficit for the first time in a while. He also requested more support from the World Bank.