World Bank approves fresh $1.25bn loan for Nigeria

The World Bank has approved a fresh $1.25 billion loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration programme.

The approval was announced on Wednesday alongside the launch of a new Country Partnership Framework for Nigeria, spanning 2026 to 2032.

The global financial institution noted that the newly endorsed strategy aims to guide its support over the next six years, primarily focusing on creating higher-quality jobs.

This came on the heels of criticism that trailed reports that the Federal Government was seeking the facility to finance economic reforms, with many Nigerians arguing that previous borrowing had yet to translate into tangible improvements in their daily living standards.

The World Bank stressed that the new framework is built on Nigeria’s recent macroeconomic reforms, which it noted have successfully driven economic growth, bolstered external reserves, and improved investor confidence.

“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 bank stated in a statement.

World Bank Country Director for Nigeria, Mathew Verghis, while highlighting the need to convert financial benchmarks into human development, emphasized the core mission of the project.

“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,” Verghis said.