The World Bank Group says it is helping to mobilise $5.79 billion in private capital for Nigeria’s agriculture, telecommunications and micro, small and medium enterprises (MSMEs), as part of efforts to boost investment, create jobs and strengthen economic growth.
The initiative is supported by policy reforms, financing arrangements and risk-sharing mechanisms designed to improve the business environment and attract private investors.
In agriculture, the International Finance Corporation (IFC), a member of the World Bank Group, helped mobilise $1.02 billion for Dangote Industries’ fertiliser operations and $282.5 million for Indorama Fertilizer. The projects have a combined production capacity of 6.8 million metric tonnes annually and are expected to improve access to fertiliser for farmers and strengthen food security.
For small businesses, the World Bank Group’s FINCLUDE programme is expected to mobilise nearly $1.89 billion in private financing for more than 250,000 MSMEs, with 30 per cent of the financing targeted at women-led businesses. The programme is also projected to support about 850,000 direct and indirect jobs.
In telecommunications, the IFC helped mobilise more than $1.1 billion from private investors through a bond issuance by IHS Towers. Meanwhile, the Building Resilient Digital Infrastructure for Growth (BRIDGE) project aims to attract up to $1.1 billion in private investment by 2030 to expand broadband access and improve digital connectivity across Nigeria.
The World Bank Group attributed the investment opportunities partly to Federal Government reforms in foreign exchange management, public finances and fuel subsidies, which it said are helping to create a more predictable environment for investors.
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