The World Bank has approved a new $1.25 billion loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration programme.
The approval was announced on Wednesday alongside a new Country Partnership Framework for Nigeria covering 2026 to 2032.
The global lender said the new plan will guide its support for Nigeria over the next six years, with its main focus on creating more and better jobs.
The announcement follows criticism over reports that the Federal Government was seeking the loan to fund economic reforms. Many Nigerians argued that earlier loans had not led to clear improvements in their daily lives.
The World Bank said the new framework is built on Nigeria’s recent macroeconomic reforms, which it believes have helped grow the economy, strengthen external reserves, and improve investor confidence.
“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 bank stated in a statement.
World Bank Country Director for Nigeria, Mathew Verghis, said the next step is to turn economic progress into better living conditions for Nigerians.
“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, particularly by enabling private sector-led growth.
“The recent macroeconomic gains have been critical to help stabilize the economy. Translating improved macroeconomic conditions into better living standards will require addressing the structural constraints to spur private sector investment and job creation,” Verghis said.
