The World Bank has approved a fresh $1.25 billion loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration programme, even as the new facility draws mixed reactions amid ongoing public concerns over the country’s debt burden.
The approval was announced on Wednesday alongside the launch of a new Country Partnership Framework (CPF) for Nigeria covering 2026 to 2032. The strategy is designed to guide the bank’s support over the next six years, with a primary focus on creating more and better-quality jobs through private sector-led growth.
“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 release.
World Bank Country Director for Nigeria, Mathew Verghis, emphasized the need to translate macroeconomic gains into tangible human development outcomes.
“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,” he said.
Verghis added, “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.”
The World Bank noted that the new framework builds on Nigeria’s recent macroeconomic reforms, which it said have driven economic growth, strengthened external reserves, and boosted investor confidence.
The announcement comes amid criticism from some quarters, with many Nigerians questioning the impact of previous loans on citizens’ living standards. Opposition figures and commentators have raised alarms about rising debt levels, with reactions ranging from calls for accountability to outright opposition to further borrowing.
This latest facility is expected to support ongoing economic reform efforts, with a clear emphasis on job creation and private sector development as Nigeria navigates its post-reform economic landscape.
