World Bank don approve fresh $1.25 billion support package for Nigeria to back government economic reforms, but many Nigerians don begin ask whether the money go truly improve lives or add to the country’s debt burden.
The financial support na part of a new seven-year partnership between Nigeria and the World Bank, wey go run from 2026 to 2032.
According to the World Bank, the programme go help provide broadband internet access for 58 million people, improve health and nutrition services for 40 million Nigerians, bring electricity to 32 million people and support about 9.5 million farmers across the country.
World Bank talk say the package dey designed to help Nigeria create more jobs and attract private sector investment by building on recent economic reforms.
The institution claim say recent government policies don help strengthen the economy, increase government revenue, boost foreign reserves and improve investor confidence.
However, the bank warn say for Nigerians to truly feel the impact, government must remove obstacles wey dey stop businesses from growing and employing more people.
World Bank Country Director for Nigeria, Mathew Verghis, say the new partnership go focus heavily on job creation and private sector growth.
According to am, although economic reforms don help stabilise the economy, Nigeria still need tackle deeper problems wey dey discourage investment and limit job opportunities.
The $1.25 billion support under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme go help government carry out reforms for key sectors.
These reforms include improving the power sector, strengthening digital economy regulations, developing capital markets, reducing trade barriers, increasing access to quality farm seeds and improving government revenue generation.
World Bank also say the funding na part of a larger support plan wey covers agriculture, energy, digital infrastructure, social protection and private sector development.
International Finance Corporation (IFC) Director for Nigeria, Dahlia Khalifa, say Nigeria get huge growth potential if the country fit attract more investors and improve productivity.
She add say the goal na to create an environment where businesses fit grow, compete and create jobs while ordinary Nigerians enjoy better living standards.
Meanwhile, MIGA Vice President and Chief Financial Officer, Ed Mountfield, admit say despite the reforms, investors still dey face risks for Nigeria.
According to am, MIGA go provide guarantees and political risk insurance to encourage investors to bring their money into the country without fear.
The latest approval don spark fresh debate among Nigerians, with some people praising the investment opportunity while others dey question whether another billion-dollar support package go translate to real benefits for ordinary citizens.
