The World Bank’s investment portfolio in Nigeria has surged to $17 billion, marking its highest financial commitment to any country on the African continent.
The figure was disclosed during a meeting between a high-level World Bank delegation, led by Ousmane Diagana, Vice President for Western and Central Africa, and Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting aimed to reinforce the World Bank’s support for President Bola Tinubu’s economic reform initiatives and the country’s broader development agenda.
According to Diagana, the World Bank’s investments are strategically focused on Nigeria’s most urgent needs, including expanding access to electricity, healthcare, and education; promoting gender equality and women’s economic empowerment; and boosting food security through increased agricultural productivity.
He emphasized the importance of maintaining reform momentum to drive inclusive, job-creating growth, underscoring Nigeria’s role as the bank’s largest portfolio holder in Africa.
Diagana also lauded Nigeria’s GDP growth rate of 3.4%—the strongest since 2014—and applauded the government’s ongoing efforts to stabilize the economy and enhance project execution.
Commending Nigeria’s leadership in the M300 initiative, Diagana urged faster implementation of social protection programmes, particularly targeted cash transfers, as recently discussed with World Bank President Ajay Banga.
Minister Edun reaffirmed the government’s commitment to accelerating economic reforms, highlighting three main priorities: improving the speed of project delivery, expanding biometric verification for 15 million individuals in the national social register, and fast-tracking implementation of the M300 compact.
He also announced the creation of a Compact Delivery and Monitoring Unit to oversee progress and ensure timely execution of development projects.
Other areas of collaboration between Nigeria and the World Bank include improving agricultural productivity, enhancing SME access to finance, advancing digital transformation, and expanding financial inclusion across the country.
