World Bank says its Nigerian development projects funding has reached $16bn

The World Bank says its total development projects and lending operations in Nigeria are valued at over $16 billion, covering education, health, social protection, energy, and infrastructure sectors.

The World Bank spoke on its Nigerian portfolio in a statement on Sunday, as Anna Bjerde, its managing director of operations, commenced a three-day visit to Nigeria.

The visit is expected to facilitate discussions on how the institution can support the country’s efforts to accelerate growth and job creation.

According to the statement, Bjerde led a World Bank Group delegation to Lagos that included Ethiopis Tafara, International Finance Corporation‘s (IFC) vice-president for Africa.

The bank said the visit will include consultations on its upcoming country partnership framework (CPF) for Nigeria, which places jobs, energy access and private-sector-led growth at the centre of the country’s development agenda.

“In Nigeria, the World Bank provides large-scale concessional financing for development programs at both the federal and state levels; with an active portfolio of over US$16 billion spread across several interventions ranging from education, health, social protection, energy, and infrastructure,” the statement reads.

The bank said the consultations will seek feedback on four priority areas: improving the enabling environment, unleashing human capital, building resilience, and maximising private capital.

The multilateral said the visit would also highlight Nigeria’s role in advancing global development initiatives, including Mission 300 under which the Nigeria DARES programme aims to connect 17.5 million people to household energy access and AgriConnect, aimed at transforming smallholder farming into a commercially viable engine for jobs, higher incomes and food security.

The Washington-based lender said discussions would also cover digital connectivity, power sector reforms, social protection and human capital outcomes.

Speaking during a meeting with the delegation, Babajide Sanwo-Olu, governor of Lagos, said the state is ready to deepen partnerships with the World Bank in energy, agriculture, tourism, and human capital development.

Sanwo-Olu said Lagos is open to deeper collaboration and investment partnerships to improve infrastructure and raise living standards across the state.

“Lagos is ready to do more to attract investments and partnerships that will positively impact our people,” the governor said.

“We are open to collaboration that strengthens infrastructure and accelerates inclusive growth.”

The governor stressed the state’s readiness to do what is necessary to attract more World Bank support for infrastructure development, while highlighting the achievements of his administration over the last six years under the THEMES+ development agenda.

The governor also said Lagos moved from 29th to first position in the national ease of doing business ranking within four years.

“We doubled our performance across critical areas through deliberate reforms and efficiency,” he said.

In her remarks, Bjerde said the World Bank is willing to partner with Lagos in view of the achievements of the Sanwo-Olu-led administration, describing the state’s progress as reflective of solutions that could work nationally.

She said recent reforms have helped to stabilise the economy and improve predictability for investors.

“Nigeria has been very consistent. Policies haven’t been changing much, and that is helping predictability, especially for investors,” Bjerde said.

“We like the government’s effort on Ease of Doing Business and cutting off the red tape.”

Bjerde said Lagos remains a major stakeholder on the World Bank’s interventions dashboard, despite being a subnational government.

She disclosed that the organisation plans to conduct a five-year country review in Nigeria to assess progress, with particular focus on Lagos.

Bjerde is also scheduled to meet with Vice-President Kashim Shettima, Wale Edun, minister of finance and coordinating minister of the economy; and Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN).