Spread the word
The World Bank Group says it is helping to mobilise up to $5.79 billion in private financing to accelerate Nigeria’s economic transformation, expand infrastructure and create employment opportunities.
This is in a bid to ensure that the micro economy feels the gains being recorded at the macro economy.
Some analysts have saying, gains as growth in GDP, foreign reserves, slowdown in inflatìon have not translat3d into improved licing conditions.
The Bretton Woods institution disclosed this in a report published on Sunday, outlining investments and financing arrangements covering agriculture, telecommunications, small businesses and other critical sectors.
The report, titled “Unlocking $5.79 Billion in Private Financing”, explained how coordinated public-sector reforms and private investment could help address Nigeria’s development challenges.
According to the Bank, the initiative combines policy reforms, investment platforms, commercial financing and risk-mitigation instruments to attract capital into productive sectors.
It said the approach was designed to transform improvements in Nigeria’s investment environment into projects capable of creating jobs and expanding economic opportunities.
The Bretton Woods institution identified the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) as important partners in mobilising private capital.
It explained that IFC supports investment structuring and commercial financing, while MIGA provides guarantees intended to reduce risks confronting investors.
The bank said Nigeria’s economic reforms since mid-2023 had helped create more predictable conditions for investment, particularly through foreign-exchange management and public-finance measures.
It identified the Building Resilient Digital Infrastructure for Growth (BRIDGE) Project as a major initiative expected to attract substantial private investment.
According to the report, the project’s initial investor-selection process is expected to mobilise at least $156 million in private equity.
Subsequent financing rounds could unlock up to $1.1 billion in private investment by 2030, supporting the expansion of Nigeria’s broadband infrastructure.
The bank projected that the initiative could extend affordable broadband access to an additional 58 million Nigerians by 2030.
It said broadband coverage could consequently increase from 92 million people in 2025 to approximately 150 million by the end of the decade.
The beneficiaries are expected to include 42 million additional young people and 15 million women, alongside thousands of schools and healthcare facilities.
Spread the word