World Bank Says $5.79bn Private Financing Could Support 850,000 Jobs in Nigeria

The World Bank Group says it is helping to mobilise up to $5.79 billion in private financing for projects aimed at expanding infrastructure, supporting businesses and creating jobs in Nigeria. The amount includes financing already mobilised and investment expected through ongoing initiatives. It is not a newly approved loan or grant. A major part of the plan is the FINCLUDE programme for micro, small and medium-sized businesses. The programme is expected to mobilise nearly $1.89 billion in private financing, support more than 250,000 businesses and create about 850,000 direct and indirect jobs. The package also covers broadband expansion, agriculture and telecommunications. The BRIDGE digital infrastructure project could attract up to $1.1 billion in private investment by 2030 and extend affordable broadband to 58 million more Nigerians. Agricultural investments are expected to support about one million smallholder farmers and improve access to fertiliser and other inputs.

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