World Bank’s $5.79 billion financing will boost ongoing business expansion efforts

President Bola Tinubu has said the World Bank Group’s decision to mobilise about $5.79 billion in private financing for Nigeria will boost ongoing business expansion efforts and help attract investment to the economy.

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The president hailed the World Bank’s push in an X post on Friday, noting that Nigeria has introduced economic reforms to build a stronger foundation for investment and give more Nigerians the opportunity to earn better livelihoods.

“I welcome the World Bank Group’s work to mobilise up to $5.79 billion in private financing for Nigeria. This partnership supports our efforts to help businesses expand and attract investment into agriculture and digital infrastructure,” Mr Tinubu said.

The World Bank Group disclosed the financing target in a report published on Sunday, saying that the fund is designed for farmers trying to secure quality seed before the planting season, small business owners unable to obtain affordable credit and students struggling to connect to digital classrooms.

The Bretton Woods institutions said the fund will also aid Project BRIDGE and help the country use a public-private partnership to build, own, and operate a nationwide open-access fibre-optic network.

Project BRIDGE is a Federal Government project aiming to deploy 90,000 kilometres of new fibre-optic infrastructure across Nigeria and expand nationwide digital connectivity.

By combining policy reform, investment platforms, risk mitigation, and commercial financing, the bank said it is channelling private capital towards sectors critical to Nigeria’s growth and economic transformation.

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The $5.79 billion initiative is designed to mobilise private investment through a mix of World Bank-supported programmes, financing from the International Finance Corporation and risk-mitigation instruments provided by the Multilateral Investment Guarantee Agency.

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The project is also expected to attract at least $156 million in private equity in its first investor-selection round, with subsequent financing potentially unlocking up to $1.1 billion in private investment by 2030.

In his remarks on Friday, Mr Tinubu said Nigeria has gone a step further by assembling a pipeline of 65 bankable projects seeking $78.5 billion in investment.

He said Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele presented the opportunities alongside Central Bank of Nigeria Governor Olayemi Cardoso at the Nigeria Investors Forum on the sidelines of the 2026 IMF-World Bank Annual Meetings in Bangkok.

“I invite Nigerian and international investors to examine these projects and engage directly with their sponsors through Projects Nigeria,” the president said.

Mr Tinubu added that his administration will work with investors and Nigerians to resolve obstacles and drive viable investments into execution, creating jobs and expanding opportunities for Nigerians.