By Onu Okorie

The World Bank Group has approved a $1.25 billion Development Policy Financing operation known as the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) program, designed to support the country’s shift toward a more inclusive, private sector-driven growth model.

The new strategy builds on recent macroeconomic reforms that have delivered stronger growth, higher government revenues, larger foreign reserves, and improved investor confidence.

 It aims to translate those gains into tangible improvements for citizens by expanding energy access to 32 million Nigerians, extending broadband connectivity to 58 million people, improving health and nutrition services for 40 million people, and supporting 9.5 million farmers.

“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,” said Mathew Verghis, World Bank Country Director for Nigeria.

He noted that while recent macroeconomic gains have helped stabilize the economy, translating them into better living standards will require tackling structural barriers to private investment and job creation.

The NAIJA financing package will back a series of government reforms aimed at strengthening the foundations for growth and competitiveness. These include deepening capital markets, modernizing regulations for the digital economy and e-governance, advancing power sector reforms to speed up electrification, lowering trade barriers in line with Nigeria’s commitments under ECOWAS and the African Continental Free Trade Area, improving access to quality agricultural seeds, and strengthening domestic revenue collection.

The operation forms part of a broader package of World Bank Group support that combines policy reforms with investment financing across energy, digital infrastructure, agriculture, private sector development, and social protection.

Dahlia Khalifa, IFC Divisional Director for Nigeria, said the country’s long-term growth prospects will depend on its ability to attract investment, raise productivity, and unleash private sector job creation, building on the strength of its rapidly growing population. “Through this Country Partnership Framework, the World Bank Group will work alongside Nigeria to help unlock private investment, expand access to infrastructure and essential services, and create the enabling conditions for businesses to innovate and compete,” she said.

Ed Mountfield, Vice President and Chief Financial Officer of the Multilateral Investment Guarantee Agency MIGA, said risks remain for investors even as Nigeria’s reform momentum builds.

“MIGA’s role is to help manage these risks—through guarantees and political risk insurance, so that investors can step in with confidence,” he said, adding that the World Bank Group Guarantee Platform housed within MIGA will scale up support in priority areas such as the financial sector and infrastructure under the new framework.

Together, officials said, the initiatives are intended to help convert Nigeria’s recent reform momentum into broader economic opportunity, job creation, and poverty reduction over the coming years.