The World Bank has approved a fresh $1.25 billion loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration programme, despite growing public criticism over the country’s rising debt profile.
The approval was announced on Wednesday alongside the launch of a new Country Partnership Framework (CPF) for Nigeria covering 2026–2032.
The framework, according to the Bank, is designed to support private sector-led growth and create millions of jobs.
“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 statement read.
The Bank explained that the $1.25bn facility will back reforms aimed at strengthening competitiveness, deepening capital markets, modernising digital regulation, advancing power sector reforms, lowering trade barriers, and boosting agricultural productivity.
World Bank Country Director for Nigeria, Mathew Verghis, said the focus would be on translating recent macroeconomic gains into improved living standards.
“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,” he noted.
The International Finance Corporation’s Dahlia Khalifa and Multilateral Investment Guarantee Agency’s Ed Mountfield also highlighted opportunities for private investment, while cautioning that risks remain.
This latest approval is Nigeria’s second-largest World Bank facility under President Bola Tinubu, following the $1.5bn Reforms for Economic Stabilisation to Enable Transformation loan in June 2024.
According to the Debt Management Office, Nigeria’s debt to the World Bank rose from $17.81bn at the end of 2024 to $19.89bn by December 2025, accounting for over 38 per cent of the country’s total external debt stock of $51.86bn.
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