Di World Bank Group don reveal plan to gather up to $5.79 billion from private investors to support different parts of Nigeria economy for 2026. Di money go support internet connection, farming, small businesses and oda important areas, with hope to create about 850,000 jobs.
Di bank announce dis plan for report wey e publish for im website on Sunday, titled Unlocking $5.79bn in Private Financing: The World Bank Group Is Leading the Charge for Private Capital Mobilisation in Nigeria.
According to di report, di plan go involve government policy changes, business investment and arrangements wey go help reduce di risk wey private investors fit face. Di World Bank, International Finance Corporation and Multilateral Investment Guarantee Agency go work together to support di plan.
Di bank connect dis investment plan to economic changes wey Nigeria begin introduce from middle of 2023, including changes to foreign exchange management, fuel subsidy and how government dey manage public money. E say some of di changes, together with im RESET and NAIJA programmes, dey help create better conditions for private investment.
Di report also explain say further changes go aim to strengthen investment for financial markets, improve online trade, encourage private companies to invest for electricity and make Nigerian businesses fit compete better.
One major part of di plan na di Building Resilient Digital Infrastructure for Growth project. Di project dey expect to attract at least $156 million from private investors during di first round of selecting investors. Other rounds fit bring up to $1.1 billion by 2030 to build fibre-optic network wey go spread across di country.
Di project also dey aim to make internet reach another 58 million Nigerians, increasing di number of people wey get broadband access from 92 million for 2025 to 150 million by 2030. E go also target 38,800 public schools, 16,900 health centres and 3,400 local government offices for better internet connection.
For agriculture, di World Bank plan to gather $242 million through di Agricultural Value Chains for Growth project to support one million small farmers. Di money go include $220 million wey agribusiness companies dey expected to provide and another $22 million from approved seed producers.
For small businesses, di Fostering Inclusive Finance for MSMEs in Nigeria programme dey expected to attract nearly $1.89 billion from private investors and support more than 250,000 businesses.
Di programme get $500 million funding support from World Bank lending institutions and fit help create about 850,000 direct and indirect jobs. About 30 per cent of di money dey set aside for businesses wey women own or lead.
Di report further reveal say di International Finance Corporation help gather $1.02 billion for Dangote Industries Limited and $282.5 million for Indorama Fertiliser to increase fertiliser production inside Nigeria.
Together, di two projects fit produce 6.8 million metric tonnes of fertiliser every year. Di World Bank expect say dis go help make farming materials easier to get for more than 10 million farmers.
